Asia Stocks Drop Most in Eight Months on Cyprus Bank Levy
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Asian stocks fell, with the regional benchmark index heading for the biggest drop in eight months, amid concern an unprecedented levy on bank deposits in Cyprus will plunge Europe back into crisis and that China will add property curbs.
Every benchmark gauge in the Asia-Pacific dropped, with the regional measure shedding about $190 billion in market value, equivalent to almost eight times Cyprus’ annual gross domestic product. Toyota Motor Corp., the world’s biggest automaker, slid 3.4 percent as the yen gained against all its major peers. Esprit Holdings Ltd., a Hong Kong-based clothier that counts Europe as its No. 1 market, dropped 2.2 percent in Hong Kong. BHP Billiton Ltd. fell 2.4 percent in Sydney, leading mining companies lower.