Asian Stocks Head for Second Weekly Loss on U.S. Outlook
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Asian stocks fell, with the regional benchmark index extending its second weekly loss, as improving U.S. economic data boosted bets the Federal Reserve will reduce stimulus as early as next week.
Zhaojin Mining Industry Co., China’s second-largest gold producer, declined 2.5 percent in Hong Kong as the precious metal traded near a five-month low. Nippon Telegraph & Telephone Corp. lost 1.7 percent after the Japanese government said it plans to raise 153.3 billion yen ($1.5 billion) by selling shares in the company. Yokohama Rubber Co., a tiremaker that gets 45 percent of sales overseas, gained 2 percent as the yen touched the lowest against the dollar since 2008, boosting the earnings outlook for Japanese exporters.