Asian Stocks Post Biggest Weekly Decline in Eight Months
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Asian stocks fell, with the regional benchmark index posting the biggest weekly drop in seven months, as Cyprus struggled to prevent a financial collapse, stoking concern Europe’s debt crisis is intensifying.
HSBC Holdings Plc, Europe’s biggest lender, slid 1.9 percent in Hong Kong. BHP Billiton Ltd., the world’s biggest mining company, lost 6 percent in Sydney as commodities fell amid concern Europe’s crisis will hinder global growth. Toyota Motor Corp., the world’s largest carmaker, lost 2.8 percent after Japan’s new central bank governor stopped short of announcing new stimulus.