Economics
Most Asian Stocks Drop as Europe Crisis, U.S. Drag on Earnings
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Most Asian stocks fell, dragging a regional benchmark index from a three-month high, as companies from Singapore Airlines Ltd. to Hynix Semiconductor Inc. reported weaker earnings amid Europe’s debt crisis and an uncertain U.S. economic outlook.
Nippon Sheet Glass Co., a Japanese glassmaker, slumped 12 percent in Tokyo after forecasting a 3 billion yen ($39 million) loss for the year ending March 31 on slumping demand in Europe, its top market. Singapore Airlines, the world’s No. 2 carrier by market value, fell 3.6 percent as third-quarter profit tumbled 53 percent. Hynix Semiconductor, the world’s second-largest maker of computer-memory chips, slid 3.7 percent after posting a wider-than-expected loss.