Asian Stocks Drop Before Fed as Investors Weigh Earnings
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Asian stocks fell, with the regional gauge retreating after yesterday posting its biggest advance in almost two weeks, as investors weighed company earnings and awaited the Federal Reserve’s policy statement.
Uni-President China Holdings Ltd. slumped 7.9 percent in Hong Kong after the instant-noodle maker’s 2013 profit missed analyst projections. Country Garden Holdings Co. slumped by most since November 2008 after the Chinese developer’s chief financial officer resigned. Kingsoft Corp. jumped 8.7 percent to a record close after the computer-software maker posted earnings that beat estimates. Fanuc Corp. rose 3.2 percent in Tokyo after Credit Suisse Group AG said it’s a good time to buy the industrial-robot manufacturer’s shares.