June 3 (Bloomberg) -- Asian stocks declined for the first time in four days, led by banks and automakers, on renewed concern credit losses will widen and slow global economic growth.
Macquarie Group Ltd., Australia's No. 1 investment bank, and Nomura Holdings Inc., Japan's biggest, dropped after Standard & Poor's cut its ratings on three of Wall Street's biggest firms and Wachovia Corp. ousted its chief executive officer. Honda Motor Co. fell after the dollar weakened against the yen, eroding the value of Japanese companies' overseas earnings. China Unicom Ltd. led a plunge among Chinese phone companies after they unveiled details of an overhaul of the industry.
``S&P's downgrades remind us the credit crunch is still lurking, and will occasionally show up to surprise the stock market,'' said Mitsushige Akino, who oversees $574 million in Japanese equities at Ichiyoshi Investment Management Co. in Tokyo.
Source: Bloomberg
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