Asian Stocks Drop Amid Earnings Concern, China Bank Risk
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Asian stocks fell for a second day, extending last week’s loss, amid concern exporter earnings are deteriorating and that Chinese banks may have understated the risks of loans to local governments.
BYD Co., the carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., slumped 4.8 percent in Hong Kong after saying first-quarter profit may fall as much as 95 percent. Agricultural Bank of China Ltd. led mainland lenders lower. Leighton Holdings Ltd. rose 2.7 percent after Australia’s largest builder said it won $400 million in new contracts.