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Japan stocks fell for a third day after Urban Corp. filed the nation's biggest bankruptcy claim in six years, prompting concern more companies will fail as the economy slows.
K.K. DaVinci Holdings, the nation's largest real estate asset manager, fell by its trading limit after Urban became the fifth listed Japanese developer to file for court protection in the past month. Kansai Urban Banking Corp. plunged to a five-year low after saying it may not be able to recover a loan from Urban. Kawasaki Kisen Kaisha Ltd. led shipping lines higher after the benchmark for commodity cargo fees broke a 23-day losing streak.
Urban shares plunged 48% after it filed for protection from $2.35 billion in debt. It was the largest bankruptcy among listed companies since 2002 and No. 21 in Japan's history, according to Tokyo Shoko Research Ltd., a credit analysis group. Japan's corporate bankruptcies hit a five- year high in July, spearheaded by real estate companies as banks cut off funding.
Kansai Urban plunged 8.3%, the lowest since July 2003. The bank said it may not be able to recover a 6 billion yen ($55 million) loan to Urban Corp. Bank of Yokohama Ltd., which also funds the failed developer, slumped 7.1%.
Kawasaki Kisen added 5%. Mitsui O.S.K. Lines Ltd. jumped 4.2%.
Mitsui & Co., which generates more than half its profit from commodities trading, climbed 2.6%. Inpex Holdings Inc. rose 2.7%.

European stocks advanced for the first time in three days as the cheapest mining shares in six months lured investors and better-than-estimated earnings from Wal-Mart Stores Inc. boosted retailers.
BHP Billiton Ltd., the world's largest mining company, jumped 4.6% as copper and gold gained for a second day. Tesco Plc and Metro AG rallied after Wal-Mart, the biggest retailer, said profit will rise more than it previously forecast. Hochtief AG gained as Germany's largest builder increased its earnings forecast.
In Europe, data showed the region's economy contracted in the second quarter for the first time since the launch of the euro almost a decade ago as faltering sales undermined investment by companies and soaring costs eroded consumer spending power. Gross domestic product fell 0.2% from the first quarter, when it rose 0.7%, the European Union statistics office in Luxembourg said. Separate figures showed inflation held at 4 percent in July, less than initially estimated.
BHP Billiton climbed 4.6%. Rio Tinto Group added 3.1%.
L'Oreal SA dropped 4.6%. The world's biggest cosmetics maker was downgraded to ``underweight'' from ``equal-weight'' by Morgan Stanley analysts, who said the stock price is ``unjustified'' because of the ``downside risk'' to earnings estimates.
Bayerische Motoren Werke AG slipped 1.2%. The world's largest maker of luxury cars was lowered to ``sell'' from ``hold'' at Citigroup Inc., which said slower sales and rising raw-materials costs may reduce profits.

Stocks turned lower Thursday as a sharp increase in consumer inflation outweighed a big earnings report by the retail giant Wal-Mart.
Stocks have slumped for the past two sessions, weighed by credit fears and concerns about the weakening economy.

Before the bell reports showed consumer prices surged more than expect during the month of July. The index, a key measure of inflation, rose 0.8% in July, more than twice what economists were anticipating, versus a 1.1% gain the previous month. The so-called core CPI, which excludes the volatile food and energy prices, increased 0.3% in July on a monthly basis. Analysts had expected an increase of 0.2%. The annual rate climbed to 5.6%, hitting its highest level since 1991.
In other economic news, jobless claims slipped to 450,000 in the most recent week.
Corporate news: Wal-Mart, the world's largest retailer, reported a 17% jump in second-quarter profit which beat earnings predictions. The company reported a profit of $3.4 billion, or 87 cents a share. Analysts polled by Thomson Reuters expected profit of 84 cents a share. Revenue rose 10% to $101.6 billion, a shade below Wall Street's estimates. The company also boosted its full-year earnings forecast to between $3.43 and $3.50 a share.
In other company news, Barnes & Noble Inc. would probably not attempt to acquire rival Borders Group Inc., according to a Wall Street Journal report.

The euro dropped to a 5 1/2-month low against the dollar after crude oil fell and a report showed Europe's economy contracted for the first time since the 15- nation currency was introduced almost a decade ago.
Europe's economy shrank 0.2% in the second quarter, after growing 0.7% in the first, the European Union's statistics office said from Luxembourg.
Official figures on Thursday showed that the French economy contracted by 0.3% in the second quarter, compared with predictions of 0.2% expansion.
Germany, the euro zone's economic powerhouse, shrank by 0.5%, not quite as much as the 0.8% contraction analysts had expected.
Released reports showed US consumer prices surged more than expected during the month of July. The index, a key measure of inflation, rose 0.8% in July, more than twice what economists were anticipating, versus a 1.1% gain the previous month. The so-called core CPI, which excludes the volatile food and energy prices, increased 0.3% in July on a monthly basis. Analysts had expected an increase of 0.2%. The annual rate climbed to 5.6%, hitting its highest level since 1991.
More Americans than forecast filed initial claims for jobless benefits last week, signaling further weakness in the labor market. The number of first-time applications decreased to 450,000 in the week ended Aug. 9, compared with the median forecast of 435,000 of economists.

EUR/USD printed highs on $1.4950 before corrected to $1.4914. General demand on dollar continued to drag the euro down to $1.4775 lows.
GBP/USD initially rose to $1.8770/80 before offers capped further rise and pound retreated to $1.8660. Rebound to $1.8700 was short-lived and pound fell to $1.8650.
USD/JPY rose from Y109.00 to Y109.80. Later rate was back to Y109.30, where it mat new buyers and recovered to Y110.00.

Today’s focus is on US data, including NY Fed Empire State manufacturing index, TICS, Industrial production and Michigan sentiment index. Analysts predict consumer confidence rose to 62.4 in August after 61.2 month earlier.