Asian stocks dropped, with the regional benchmark index retreating from the highest level in 20 months, after Chinese economic growth and industrial production expanded less than economists’ estimated.
Hong Kong stocks dropped, with the city’s benchmark index falling to the lowest in almost four months, as HSBC Holdings Plc led declines among financial shares after Cyprus agreed to an unprecedented tax on bank deposits to fund a euro-zone bailout.
Asian shares dropped, with the regional benchmark index snapping two days of gains, led by Samsung Electronics Co. and Australian banks. The Nikkei 225 Stock Average pared gains after the Bank of Japan rejected a call for an immediate start to open-ended asset purchases.
Australia & New Zealand Banking Group Ltd., Australia’s third-largest bank by market value, plans to cut about 50 jobs in institutional and international banking as lenders trim costs amid weak credit demand.
National Australia Bank Ltd. faces a challenging year ahead amid subdued economic growth and as interest rate cuts do less to revive mortgage demand than hoped, said Cameron Clyne, the lender’s chief executive officer.
Australia & New Zealand Banking Group Ltd., the worst performer among Australia’s four largest bank stocks this year, posted second-half profit that missed analyst forecasts after volatile markets eroded trading profit.