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Asian Stocks Drop After China’s Flash Manufacturing PMI

Asian stocks fell, with the regional benchmark index heading for its lowest close in a month, after a gauge of China’s manufacturing unexpectedly contracted.

China Construction Bank Corp. slid 3 percent in Hong Kong, pacing losses among Chinese lenders. Hang Lung Properties Ltd., the Hong Kong developer investing more than $8.5 billion building malls in mainland China, declined 5.1 percent after posting a drop in underlying profit. Insurance Australia Group Ltd. lost 3 percent after the nation’s largest car and home insurer lowered its growth forecast for gross premiums.