Asian Stocks Drop on Earnings as BOJ Maintains Stimulus
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Asian stocks dropped, with the regional benchmark index ending at a one-month low, as investors weighed corporate earnings and the Bank of Japan refrained from expanding stimulus. The Federal Reserve decides on U.S. monetary policy later today.
Aluminum Corp. of China Ltd., the nation’s biggest producer of the light metal, fell 4.5 percent in Hong Kong after its first-quarter loss widened. Woolworths Ltd. slid 1.9 percent as the Australian retailer’s sales fell short of expectations. Tencent Holdings Ltd. was the biggest drag on the regional gauge amid a selloff in technology shares. Kyocera Corp. rose 3.4 percent in Tokyo after the electronics and solar-panel maker reported full-year profit that beat analyst estimates.