Economics
Asian Stocks Are Little Changed as BHP Billiton Declines
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Asian stocks were little changed after valuations reached the highest level this year and as BHP Billiton Ltd. slumped, dragging materials shares to the largest decline on the regional gauge.
BHP, the world’s largest miner, slid 3.9 percent in Sydney after announcing a spinoff and refraining from a share buyback expected by some investors. Biostime International Holdings Ltd. tumbled 11 percent in Hong Kong after the maker of infant formula posted first-half results that missed estimates. QBE Insurance Group Ltd. jumped 5.6 percent in Sydney as it completed a A$650 million ($604 million) share placement. The MSCI Hong Kong Index climbed 1.3 percent to a record close.