Asian stocks retreat with Chinese shares as wheat slides

The MSCI Asia Pacific Index lost 0.3 percent by 10:48 a.m. in Tokyo, with a measure of Chinese companies in Hong Kong slumping as much as 1.4 percent. Standard & Poor's 500 Index futures were little changed. The ringgit climbed 0.4 percent after data on May 16 showed the economy expanded at the fastest pace in five quarters. Wheat slid a ninth day, with corn dropping 1 percent. Nickel rose 1.1 percent after retreating last week, Bloomberg reports. China's home prices rose in the fewest cities in 1 1/2 years in April, according to data issued yesterday, while the central bank ordered banks to curb interbank lending as it seeks reduce so-called shadow banking. The government plans to evacuate citizens from Vietnamamid violent protests and damage to factories there, China's official Xinhua News Agency said yesterday. Clashes continued in Ukraine's east between government forces and pro-Russian rebels who have declared an independent state. "Overall, people can see a number of negatives out there, which is sufficient enough to keep them cautious about the investment outlook," said Angus Gluskie, a fund manager at White Funds Management in Sydney that oversees over $550 million. "We might be in for a soft couple of months in the meantime." Details also at