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Asian stocks dropped for a third day, with the region’s benchmark index heading for its first full-year decline since 2008, after a surge in lending by the European Central Bank highlighted the magnitude of the region’s debt crisis. Canon Inc., a Japanese camera maker whose biggest market is Europe, slid 0.7 percent after the euro dropped to a 10-year low against the yen, marc jacobsclouding the earnings outlook for exporters. Elpida Memory Inc. slumped 6.5 percent after a report the chipmaker may seek to delay repayment of bailout funds. Lynas Corp., an Australian miner of rare earths, slid 5.8 percent after China said it won’t lower export quotas of the materials. The MSCI Asia Pacific Index fell 0.2 percent to 112.50 as of 2:02 p.m. in Tokyo, with seven out of the gauge’s 10 industry groups falling. For the month, the index is heading for a 0.9 percent decline, and its 18 percent plunge this year is the steepest since 2008. “Europe can’t avoid an economic slowdown,” said Kazuyuki Terao, chief investment officer of RCM Japan Co. marc jacobs bags“I don’t think the market has priced that in. The ECB isn’t taking drastic action, but it’s better than doing nothing.” The Standard & Poor’s 500 Index lost 1.3 percent yesterday in New York after the ECB said its balance sheet ballooned to a record following last week’s lending to banks. Futures on the S&P 500 rose 0.4 percent today. Lynas slid 5.8 percent to A$1.06 after JPMorgan Chase & Co. said rare-earth prices may fall. The Chinese government said this week it will keep export quotas for the materials virtually unchanged next year. marc jacobs bags cheapThat, coupled with planned increases in production by Lynas and a U.S-based miner, will “will put additional downward pressure” on prices, JPMorgan said. Stocks on the Asian benchmark are valued at 12.6 times estimated earnings on average, compared with 12.6 times for the S&P 500 and 10.4 times for the Stoxx Europe 600 Index. Utilities have lost 27 percent this year, falling the most among the 10 industry groups on Asia’s benchmark index. Japanese power producers tumbled amid a nuclear crisis at Tokyo Electric Power Co.’s Fukushima Dai-Ichi plant. Tepco, as the utility known, has lost 91 percent this year, the biggest drop on the MSCI All Country World Index, which includes both emerging and developed world markets.