Asia Stocks Drop on China Plenum Disappointment, Fed Bets

Asian stocks fell, with the benchmark index headed for a five-week low, after China’s leaders failed to outline steps to curb state dominance of the economy and amid bets the Federal Reserve may start reducing stimulus next month.

Banks slumped in Hong Kong after a communique at the end of China’s four-day plenum made scant mention of financial reforms. Tencent Holdings Ltd., China’s biggest Internet company, fell 4 percent after a news report quoted its chairman saying the company’s valuation is “scarily” high. Noble Group Ltd. lost 2.8 percent in Singapore after Asia’s largest commodity trader by sales said profit slumped. Pioneer Corp. surged 22 percent after the Japanese maker of car stereos posted an unexpected first-half operating profit.