Economics
Most Asian Stocks Fall on U.S. Home Sales, Oil; BHP Advances
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Most Asian stocks fell, led by exporters and oil producers, as a slump in U.S. home sales and crude prices overshadowed gains by mining companies on speculation Australia will wind back a tax on resources profits.
Toyota Motor Corp., which gets about 28 percent of its sales from North America, sank 0.8 percent after new home sales in the U.S. fell to a record low in May. Cnooc Ltd., China’s biggest offshore oil explorer, lost 1.9 percent after oil prices dropped. BHP Billiton Ltd., the world’s No. 1 mining company, gained 1.3 percent in Sydney after Julia Gillard, who replaced Kevin Rudd as Australia’s prime minister today, said she’s open to negotiations over the tax.