Asian Stocks Fall as Political Upheaval Imperils Global Recovery
This article is for subscribers only.
Asian stocks fell, sending the regional benchmark index to its biggest decline in a month, as concern mounted that instability in the Middle East and North Africa may derail a global recovery.
Hyundai Engineering & Construction Co., which gets 38 percent of sales from the Middle East, slumped 9.7 percent in Seoul. Chiyoda Corp., a plant-engineering company that gets almost half of its income from the Middle East, sank 4.4 percent in Tokyo. Air China Ltd. and Singapore Airlines Ltd. dropped at least 2.4 percent as crude oil futures soared to their highest in more than two years in London, curbing the earnings outlook for the world’s biggest airlines.