Most Asian Stocks Decline Amid U.S., Europe Debt Crisis Concern
This article is for subscribers only.
Most Asian stocks fell amid concern U.S. lawmakers will fail to reach a deal on the country’s debt limit and Europe’s worsening sovereign-debt crisis will slow the global economic recovery.
Honda Motor Co., the automaker which receives 44 percent of its sales from North America, declined 2 percent in Tokyo. Mitsubishi UFJ Financial Group Inc., the country’s biggest listed lender by market value, sank 2.5 percent as banks fell globally after stress tests on European lenders failed to alleviate investor concern over the region’s debt crisis. Yangzijiang Shipbuilding Holdings Ltd., China’s third-largest shipyard outside state control, jumped 7.3 percent in Singapore after predicting higher first half profit.