Asian stocks fell for a third day after the European Central Bank failed to deliver immediate action to stem the debt crisis and amid speculation China’s monetary authorities will be slow to ease policy. Sharp  Corp. led technology shares lower after it forecast a wider loss.

Nikkei 225 8,555.11 -98.07 -1.13%

S&P/ASX 200 4,221.5 -48.04 -1.13%

Shanghai Composite 2,128.24 +17.06 +0.81%

Commonwealth Bank of Australia and Mitsubishi UFJ Financial Group Inc.  paced declines among banks after surging bond yields in Spain and Italy stoked concern Europe’s debt crisis may hamper the global financial system.

Sharp, Japan’s largest maker of liquid-crystal displays, plunged 28 percent after widening its full-year loss forecast and announcing job cuts.

ResMed Inc., the world’s second-biggest maker of machines to regulate breathing for people with sleep disorders, jumped 9.3 percent in Sydney after earnings beat analyst estimates.