Asian Stocks Fall to Lowest Since January as China Devalues Yuan
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Asian stocks fell, with the regional benchmark index heading for its lowest close in almost seven months, after China cut the value of the yuan for a second day, dragging down equity indexes across the region.
BHP Billiton Ltd., the world’s biggest mining company, fell 4.3 percent in Sydney on concern the devaluation will slow China’s demand for raw materials. Noble Group Ltd., Asia’s largest commodity trader, tumbled 11 percent in Singapore, extending losses for a second day. Hong Kong Exchanges & Clearing Ltd. dropped 4.2 percent after the world’s No. 2 exchange operator by market value reported profit that missed analyst estimates.