Most Asian Stocks Drop After Chinese Factory Output Data
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Most Asian stocks declined, with the regional benchmark index retreating from its biggest rally in three weeks, as data showed China’s industrial production increased less than estimated last month.
China Coal Energy Co. fell 2.4 percent in Hong Kong after Macquarie Group Ltd. cut its investment rating. QBE Insurance Group Ltd. slumped 9.8 percent, falling a second day after Australia’s largest insurer by market value forecast an unexpected loss yesterday. Shimizu Corp. gained 1.9 percent in Tokyo after Credit Suisse Group AG analysts advised buying shares of the building contractor.