Economics
Asian Stocks Retreat Second Day as Materials Shares Lead Decline
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Asian stocks fell a second day as materials shares dropped after the price of iron ore continued to slide and as Federal Reserve minutes reflected concern about low U.S. inflation.
BHP Billiton Ltd., the world’s biggest mining company, sank 2.7 percent in Sydney as iron ore retreated to a five-year low. Shandong Weigao Group Medical Polymer Co. plunged 15 percent in Hong Kong as brokerages cut their ratings on the medical-equipment maker after profit missed estimates. Toray Industries Inc. jumped to its highest since August 2007 in Tokyo after Toyota Motor Corp. adopted the carbon-fiber maker’s material for a fuel-cell car and Iwai Cosmo Securities Co. raised its outlook on the stock.