Economics
Asian Stocks Drop Fourth Week Amid China Growth Slowdown Concern
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Asian stocks fell this week, posting the longest streak of weekly losses in more than 18 months amid concern growth is slowing in China, the world’s second-largest economy.
Cnooc Ltd. slumped 8.7 percent in Hong Kong after an output growth forecast from China’s biggest offshore oil and gas producer fell short of its five-year average target. Industrial & Commercial Bank of China Ltd. fell 2.5 percent as investors in a troubled trust product distributed by the lender met officials, demanding their money amid concern of a default. Newcrest Mining Ltd., a gold producer, climbed 3.2 percent in Sydney as the precious metal capped a fifth week of gains.