Asia Stocks Fall for Fifth Day on Greece, Italy Concerns
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Asian stocks fell for a fifth day as the political impasse in Greece added to speculation the nation will leave the euro union and Moody’s Investors Service downgraded Italian banks.
Nippon Sheet Glass Co., a glassmaker that counts Europe as its No. 1 market, slumped 3.1 percent in Tokyo after saying it may continue to suspend some production in Europe this year on slumping demand. BHP Billiton Ltd., the world’s largest mining company, declined 1.7 percent in Sydney after metal prices fell. China Southern Airlines Co., a mainland carrier, dropped 4.6 percent after paring Philippine flights on Chinese travel alert to the region.