Asia Stocks Fall as Debt Crisis Undermines Greece, Italy Leaders
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Asian stocks fell after Greek Prime Minister George Papandreou agreed to step down and as Italian Prime Minister Silvio Berlusconi struggled to keep his majority ahead of a crucial parliamentary vote tomorrow.
HSBC Holdings Plc, Europe’s biggest lender by market value, slipped 1 percent in Hong Kong on speculation bank earnings will be hurt if Europe fails to contain its sovereign-debt crisis. Takeda Pharmaceutical Co. declined 2.3 percent after the Japanese drugmaker slashed its full-year profit outlook. Cnooc Ltd. dropped 2.2 percent after the Chinese oil explorer’s planned purchase of BP Plc’s stake in Argentine crude producer Pan American Energy LLC collapsed.