Asian Stocks Fall Before Federal Reserve Meeting
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Asian stocks fell for a third day before a Federal Reserve policy decision, with consumer shares leading the decline. Geely Automobile Holdings Ltd. plunged.
China Huishan Dairy Holdings Co. and Japan Tobacco Inc. fell the most among consumer-staple companies in the regional benchmark index after Goldman Sachs Group Inc. cut the ratings of the stocks. Chinese billionaire Li Shufu’s Geely Automobile sank 17 percent in Hong Kong as the company said it expects full-year profit to fall about 50 percent because of the slumping Russian currency and declining sales.