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China's Lenovo Group, the world's fourth-largest computer manufacturer, announced its first quarterly loss in nearly three years and said its chief executive, William J. Amelio, had resigned. Its shares fell 0.7 percent. Earnings were little better in the U.S. overnight, with leading companies such as Kraft Foods, Walt Disney and Time Warner sending stocks lower. The reports added to concerns about spending by U.S. consumers, with investors are already bracing for Friday's release of the U.S. jobs report. The Dow fell 1.5 percent Wednesday, as did broader indicators. The S&P 500 fell 0.8 percent and the Nasdaq composite index slid 0.1 percent. In Asia, the downbeat earnings sapped early enthusiasm over figures about Chinese manufacturing and lending that suggested the world's third-largest economy was faring better than expected despite slumping demand for its exports. "Governments are coming out with stimulus measures but you can't make the economy and corporate earnings turn around in such a short time," said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. "The global economy is still in the downturn, so we're going to have more bad times." South Korea's Kospi slid 1.5 percent to 1,177.88, while markets in Australia, India and Taiwan also retreated. In Hong Kong, the Hang Seng rose 0.9 percent at 13,178.90, but closed well off its highs. Oil prices were little changed in European trade, with light, sweet crude for March delivery trading up 3 cents at $40.35 a barrel on the New York Mercantile Exchange. The contract dropped 46 cents to settle at $40.32 overnight. The euro strengthened to $1.2880 from $1.2838 late Wednesday. The dollar traded at 89.68 yen, up from 89.45 yen.
[Associated
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