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Asian stocks fell, erasing gains, amid speculation that an unexpected expansion in China’s manufacturing reduces the need for easier monetary policy and as weaker economic reports in the U.S. dimmed the earnings outlook for exporters.
Nikkei 225 8,810 +7.28 +0.08%
Hang Seng 20,335 -55.44 -0.27%
S&P/ASX 200 4,226 -37.02 -0.87%
Shanghai Composite 2,268 -24.53 -1.07%
Industrial & Commercial Bank of China Ltd., the world’s biggest lender, slid 0.9 percent in Hong Kong.
Li & Fung Ltd., the supplier of toys and clothes to retailers including Wal-Mart Stores Inc., fell 1.5 percent.
Sumitomo Heavy Industries Ltd. sank 9.6 percent in Tokyo after the machinery maker cut its full-year profit forecast by 28 percent. Shipping stocks gained on speculation rising cargo rates will help shore up earnings.
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