Asian Stocks Drop as U.S. Home Sales Unexpectedly Decline
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Asian stocks fell after an unexpected drop in U.S. home sales signaled a housing recovery in the world’s largest economy is running out of steam, while investors weighed better-than-estimated earnings from Apple Inc. and Facebook Inc.
Toyota Motor Corp., the world’s largest carmaker, slid 1.4 percent, pacing losses among Japanese exporters as the yen gained. Kansai Electric Power Co. sank 4.2 percent in Tokyo after saying it may take a “long time” to restart its nuclear reactors. Catcher Technology Co., which makes casings for iPhones, and Largan Precision Co., a supplier of lenses to Apple, both rose in Taipei.