Asia Stocks Fall, China Finance Chief Damps Stimulus Bets
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Asian stocks fell to a three-month low after China’s Finance Minister Lou Jiwei damped speculation the government will boost economic stimulus. New Zealand shares surged as the government was returned to power in an election.
SoftBank Corp. tumbled 6.1 percent, the largest drag on the regional gauge, after Alibaba Group Holding Ltd.’s initial public offering reduced the allure of the Japanese carrier as a proxy for the Chinese e-commerce company. China Galaxy Securities Co., a Hong Kong-listed broker part-owned by China’s sovereign wealth fund, slumped 5.5 percent after saying its fixed-income chief and two other employees are cooperating with the nation’s judicial authority.