Asian Stocks Drop on China Concern as Industrial Profits Fall
- Regional gauge down about 15% this quarter on Fed, China
- China's industrial profits drop in August by most since 2011
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Asian stocks fell after the biggest drop in China’s industrial profits since at least 2011 underscored the slowdown in the world’s second-largest economy.
Toyota Motor Corp. and Sony Corp. were among the largest drags on the regional benchmark equity gauge as more than 1,000 Japanese companies traded without the right to the upcoming dividend. Markets in Hong Kong, Taiwan and South Korea are closed for holidays Monday, while mainland China will be shut from Thursday for a week-long break. In Australia, M2 Group Ltd. surged 13 percent after Vocus Communications Ltd. agreed to buy M2 in a A$1.93 billion ($1.35 billion) deal.