Economics
Asian Stocks Headed for Biggest Monthly Loss in a Year
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Asian stocks declined, with the benchmark regional index heading toward the worst monthly loss in a year, as Chinese stocks entered a bear market amid a cash crunch at banks in the world’s second-largest economy.
Industrial & Commercial Bank of China Ltd., the world’s largest lender, lost 3 percent in Hong Kong, having risen just one day in June. BHP Billiton Ltd., the No. 1 mining company, declined 3.4 percent, as Goldman Sachs Group Inc. cut its growth forecast for China. AMP Ltd. tumbled 13 percent, its biggest slide in 10 years, after Australia’s largest life insurer said it expects profit to fall as much as 16 percent.