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Asian stocks dropped, with the regional benchmark index heading for its biggest loss since November, amid signs markets are overbought. The Nikkei 225 Stock Average slid by the most in eight months, while Chinese shares fell for the first time in three days.
Nikkei 225 10,600.44 -278.64 -2.56%
Hang Seng 23,356.99 -24.52 -0.10%
S&P/ASX 200 4,738.44 +21.89 +0.46%
Shanghai Composite 2,309.5 -16.18 -0.70%
Honda Motor Co., an automaker that gets 81 percent of its sales overseas, sank 3 percent in Tokyo as a stronger yen dimmed the outlook for exporters.
GS Yuasa Corp., a supplier of lithium batteries to Boeing Co., slumped 4.5 percent after All Nippon Airways Co. grounded its fleet of Boeing Dreamliners.Industrial & Commercial Bank Ltd., the world’s No. 1 lender, fell 1.2 percent in Hong Kong after Premier Wen Jiabao said China should “gradually” establish a property tax system.
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