Asian Stocks Decline as Investors Weigh Greece, China Ratio Cut
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Asian stocks fell as investors weighed earnings and the European Central Bank tightened terms of Greece’s bailout. China shares slid after a reserve-ratio cut failed to ease concern the economic slowdown is deepening.
Cnooc Ltd. slipped 2.2 percent in Hong Kong, with energy shares leading declines after crude slumped the most in two months yesterday as U.S. supplies surged. Hitachi Ltd. tumbled 9.9 percent in Tokyo after the industrial-machinery maker’s earnings missed estimates. Sony Corp. soared 12 percent as the electronics maker reported its best quarterly operating profit in seven years. Bank of Communications Co. fell 1.5 percent in Hong Kong, erasing a 4.7 percent advance.