Asian Stocks Retreat Before Fed as Material Shares Lead Losses
- S&P 500 index declines Tuesday as energy stocks slide
- Traders see a 4% chance U.S. central bank will raise rates
This article is for subscribers only.
Asian stocks followed U.S. shares lower as energy companies led declines and investors awaited a Federal Reserve decision on monetary policy.
Santos Ltd. slipped 4.4 percent in Sydney, pacing losses among the region’s energy producers as crude oil traded near a two-month low. Tsingtao Brewery Co. dropped 4.6 percent in Hong Kong, the most since Sept. 1, as its earnings decline accelerated. Hitachi Metals Ltd. tumbled 12 percent in Tokyo, the biggest one-day loss since December 2008, after posting quarterly profit that fell short of expectations. Tokyo Electron Ltd. jumped 6.6 percent after the maker of chipmaking equipment increased its full-year profit forecast and dividend payout plan.