Asian Stocks Decline as Euro Area Woes Deepen
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Asian stocks fell, with the regional benchmark index nearly erasing this month’s advance, on concern Europe’s debt crisis is deepening and after pending U.S. home sales fell.
Chinese banks slid after financial regulators tightened rules on wealth-management products and the cabinet called for new measures to deregulate interest rates. China Minsheng Banking Corp., the nation’s first non-state lender, slid 7.9 percent in Hong Kong. Sony Corp., an electronics maker that gets 38 percent of its revenue in Europe and the U.S., fell 3 percent in Tokyo. GS Yuasa Corp. plunged 11 percent in Tokyo after Mitsubishi Motors Corp. said a Yuasa lithium-ion car battery caught fire and another melted.