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Asian Stocks Drop, Extending Biggest Monthly Retreat Since 2012

  • China pushes local brokerages to step up support for equities
  • Fed's Fischer: Good reason to believe inflation to move higher
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Asian stocks extended the biggest monthly drop in three years as investors weighed comments from a weekend meeting of monetary policy makers, with Chinese shares posting their steepest two-month tumble since 2008.

The MSCI Asia Pacific Index fell 0.9 percent to 129.95 as of 8:34 p.m. in Hong Kong, on course to slide 8.5 percent in August. The Shanghai Composite Index declined 0.8 percent amid growing concern that government intervention to prop up the market will fail.