Asian Stocks Retreat as Topix Tumbles on Oil Talks, Quake Impact
- Qantas Airways stock has biggest slide in more than two years
- China shares drop as energy, property stocks lead declines
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Asian stocks fell as oil talks failed to bring an agreement on limiting supplies, while Tokyo shares tumbled on a stronger yen and the impact of earthquakes that struck southern Japan.
The MSCI Asia Pacific Index fell 1.4 percent to 130.4 as of 6:01 p.m. in Hong Kong, retreating from a four-month high. The gauge surged 17 percent from its Feb. 12 low through last week, recouping all of its losses for 2016, as the Federal Reserve reassured investors that it won’t rush to increase borrowing costs and a rebound in commodity prices boosted mining and oil producers. West Texas Intermediate lost as much as 6.8 percent, the biggest intraday drop since Feb. 1.