Asian Stocks Cap Biggest Weekly Losing Streak in Seven Years
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Asian stocks fell, capping a benchmark index’s longest weekly losing streak since 2004, amid concern that Greece may default on its sovereign debt and potentially derail a global economic recovery.
Esprit Holdings Ltd., a global fashion retailer that gets most of its revenue from Europe, slid 4.1 percent in Hong Kong. Woodside Petroleum Ltd., Australia’s second-biggest oil and gas producer, sank 3.8 percent. Samsung Electronics Co. slumped 3.4 percent in Seoul after Research In Motion Ltd., which makes BlackBerry phones, said quarterly revenue may drop.