Stock trading session

(Bloomberg) Asian stocks fell for a third day, credit risk in the region rose to a one-week high and oil declined as slowing Chinese growth and Europe’s debt crisis hurt corporate profits. The won retreated from an 11-month high.

The MSCI Asia Pacific Index (MXAP) slipped 0.8 percent  in Tokyo, led by Japanese shares. Futures on the Standard & Poor’s 500 Index lost 0.1 percent. Bond risk in the Asia-Pacific region rose to the highest level in at least a week. South Korea’s won weakened 0.3 percent to 1,113.55 per dollar. Oil fell 0.5 percent. Markets in Taiwan are closed, Bloomberg reports.

Alcoa Inc. said slowing Chinese growth will cut global demand for aluminum, while Japanese car sales in China plunged on a territorial dispute. Data today may show French and Italian industrial production fell in August as Europe’s debt crisis hampers growth. Spain’s Prime Minister Mariano Rajoy is struggling to contain the country’s deficit as he meets with French President Francois Hollande in Paris today.

“We are clearly seeing the impact of a Chinese slowdown globally and it’s indicated in Alcoa (AA)’s numbers,” said Nader Naeimi, Sydney-based head of dynamic asset allocation at AMP Capital Investors Ltd., which manages almost $100 billion. “Equity markets have had a very strong run. So, it won’t be surprising if they go through some correction.”

More than four stocks fell for every one that climbed on the MSCI Asia Pacific Index. Japan’s Nikkei 225 Stock Average and the broader Topix Index slumped at least 1.3 percent. Toyota Motor Corp. sank 2.2 percent and Nissan Motor Co. slipped 0.2 percent after reporting their biggest drops in China sales since at least 2008. Data today may show Chinese passenger-vehicle sales rose at their slowest pace in eight months.

Aluminum Corp. of China Ltd., the nation’s biggest producer, declined 1.8 percent in Hong Kong. Alcoa, the first company in the Dow Jones Industrial Average to report results, posted earnings and sales that beat analysts’ estimates.

Third-quarter profits and sales for the S&P 500 (SPX) probably fell in unison for the first time in three years, according to analysts’ estimates compiled by Bloomberg. Five years after the S&P 500 began its decline from a record, per-share earnings may have dropped 1.7 percent on average after they were little changed in the second quarter. Sales may have slipped 0.6 percent, the data show.