Economics
Asia Stocks Fall on U.S. Stimulus Bets After GDP Quickens
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Asian stocks fell, with the regional benchmark index completing its longest streak of weekly losses in five months, after faster U.S. economic growth fueled concern the Federal Reserve may reduce stimulus sooner than expected.
Sony Corp., a TV maker that gets 68 percent of sales outside Japan, lost 2.7 percent after the yen’s surge against the dollar yesterday weighed on Japanese exporters. Fortescue Metals Group Ltd. sank 4.2 percent after Teck Resources Ltd. sold a stake worth about A$500 million ($473 million) in Australia’s third-biggest iron-ore exporter. Samsung Electronics Co. preferred shares declined 5 percent in Seoul after Citigroup Inc. managed the sale of a $350 million stake in the electronics manufacturer.