Asian Stocks Drop Second Day Amid Concern Fed Will Taper
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Asian stocks declined to their lowest level in two months as investors speculate the U.S. budget deal will give the Federal Reserve confidence to curb stimulus as soon as next week.
Doosan Heavy Industries and Construction Co. lost 4.5 percent in Seoul after the maker of factory equipment said it will sell 9.5 million treasury shares. QBE Insurance Group Ltd. declined 5.5 percent in Sydney, extending this week’s slump to 33 percent, as Fitch Ratings cut the outlook on Australia’s second-largest insurer by market value to negative from stable. Full Speed Inc. surged the most in two months after the Internet-marketing company returned to profit.