Asia Stocks Fall on China Factory Data as Industrial Shares Drop
- Kobe Steel slumps after cutting sales, profit forecasts
- Westpac shares fall in Sydney as profit growth slows
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Asian stocks dropped, after their best month since May 2009, as industrial companies declined following data signaling a contraction in Chinese manufacturing.
Kobe Steel Ltd. tumbled 6.5 percent in Tokyo after its net-income forecast. China Mengniu Dairy Co slid 8.5 percent in Hong Kong after JPMorgan Chase & Co. cut its investment rating on the stock. Westpac Banking Corp. lost 2.5 percent in Sydney after reporting its slowest profit growth since 2009.