SINGAPORE (Bloomberg) -- Asian stocks declined the most in three weeks, led by automakers and technology companies, after Toyota Motor Corp. and Olympus Corp. forecast lower profits on rising raw-material costs.

Toyota, the world’s second-largest automaker, slumped after saying higher gasoline prices and a U.S. economic slowdown will erode profit. Olympus, the world’s sixth-biggest maker of cameras, tumbled the most in three months. BHP Billiton Ltd., the world’s largest mining company, and Hong Kong’s Cnooc Ltd. gained after oil futures traded above $124 a barrel.
“The global economy is slowing and at the same time automakers like Toyota aren’t able to sufficiently pass on continually rising materials costs,” said Shuichi Hida, who helps manage $850 million at Plaza Asset Management Co. in Tokyo.
The MSCI Asia Pacific Index lost 1 percent to 149.21 in Tokyo, its biggest decline since April 18. The measure is poised for a five-day, 1.6 percent retreat, its worst weekly performance in two months and snapping a two-week rally.
Japan’s Nikkei 225 Stock Average fell 1.5 percent to 13,731.95. China’s stocks slumped on concern inflation data due at the start of next week will show consumer prices remained at close to the highest in more than 11 years, prompting the government to step up measures to cool growth.
Australia’s S&P/ASX 200 Index climbed 1.3 percent, the biggest gain in the region, paced by National Australia Bank Ltd. after the country’s largest bank by assets said profit rose.
Bridgestone Corp., the biggest tiremaker by sales, retreated after saying profit fell 18 percent on higher raw-material costs. Takefuji Corp., Japan’s No. 3 consumer-finance company by market value, posted the biggest loss on MSCI’s Asian index after it forecast a 19 percent drop in profit this year.
Toyota, Honda
U.S. stocks advanced, rebounding from their biggest decline in a month, after Wal-Mart Stores Inc. and News Corp. reported sales that topped analysts’ estimates and commodity producers rallied.
Toyota slumped 2.9 percent to 5,320 yen, poised for its biggest decline since April 4. The Toyota City, Japan-based company said fourth-quarter net income decreased 28 percent to 316.8 billion yen ($3 billion) and predicted a 27 percent slump in earnings this fiscal year on shrinking U.S. sales and a stronger yen.
Smaller rival Honda Motor Co. declined 3.6 percent to 3,220 yen, while Nissan Motor Co., Japan’s third-biggest automaker, fell 1.2 percent to 949 yen.
Hyundai Motor Co., South Korea’s largest automaker, slumped 2.2 percent to 87,100 won. Its affiliate Kia Motors Corp. dropped 2.2 percent to 13,400 won. Hyundai and Kia said they halted plans to build pick-up trucks in the U.S. as high oil prices crimp demand for less fuel-efficient vehicles.
Tiremakers decline
Bridgestone dropped 6.1 percent to 1,801 yen, poised for its largest decline since Jan. 4, after the tiremaker said net income fell 18 percent to 23 billion yen in the first quarter.
Sumitomo Rubber Industries Ltd., Japan’s second-largest tiremaker, lost 6.2 percent to 830 yen. The company slashed its full-year profit forecast 28 percent to 13 billion yen, citing rising costs, a slowdown in the U.S. economy and foreign-exchange instability.
Olympus tumbled 5.5 percent to 3,270 yen, the largest decline since Feb. 5, after forecasting lower profit. Net income will fall 26 percent to 43 billion yen in the year ending March 2009 on rising competition and higher raw material prices, Tokyo- based Olympus said.
Refiners declined on concern record crude prices will erode profits. China Petroleum & Chemical Corp., the nation’s largest, sank 4.6 percent to HK$7.51, extending a three-day, 9.6 percent loss. SK Energy Co., South Korea’s largest, slumped 4.3 percent to 111,000 won, set for its biggest drop since March 25.
Record crude
Crude oil for June delivery climbed to a record high of $124.61 a barrel in New York. That’s double the level a year ago. Futures were recently at $124.20.
BHP, also Australia’s No. 1 oil explorer, rose 2.9 percent to A$46.23, on course for its highest close since Nov. 1. Cnooc Ltd., China’s biggest offshore oil explorer, climbed 1.1 percent to HK$14.18. Inpex Holdings Inc., Japan’s largest oil explorer, gained 0.8 percent to 1.27 million yen.
In Sydney, shares of National Australia jumped 5.5 percent to A$32.70 after the bank said first-half profit rose 26 percent on growth in lending and deposits.
Takefuji retreated 12 percent to 2,190 yen. The company expects a 19 percent drop in profit this year, on a 27 percent plunge in revenue.