Asian Stocks Fall on Economic Data, Before European Debt Summit

Asian stocks dropped ahead of a European summit on the region’s sovereign debt crisis, and after economic data from Japan and Australia signaled the global economy is slowing.

Tokyo Electric Power Co., the operator of the power plant at the center of the biggest nuclear disaster in 25 years, sank 11 percent after the Mainichi newspaper reported it may be effectively nationalized. LG Electronics Inc., a home appliances maker that gets more than a fifth of its revenue from Europe, fell 1.3 percent in Seoul. City Developments Ltd., Singapore’s second-biggest real-estate company, led declines among the city’s property developers after the government imposed extra taxes on purchases of residential property.