Brink’s Co. plunged the most in two years after saying it will write down the value of its Venezuelan assets, showing how last month’s 88 percent currency devaluation is squeezing companies with cash in the country.
CNH Industrial NV, the commercial- vehicle producer spun off from carmaker Fiat SpA in 2011, said its Iveco unit halted production in Venezuela after a currency devaluation caused “difficulties” with importing parts.
Stada Arzneimittel AG, Germany’s biggest maker of generic drugs, fell the most in more than two years after saying sales and profit will be less than forecast because of the conflict between Russia and Ukraine.
China set a 7.5 percent target for economic growth in 2014, a pace that may make it more difficult to achieve the leadership’s goals of curbing credit risks and stemming the pollution choking the nation’s biggest cities.
Japanese Finance Minister Yoshihiko Noda said currency devaluations are undesirable, while defending the government’s intervention last month, as the yen rose to higher than 82 for the first time since 1995.
Japan won’t weaken the yen to become more competitive with other countries in trade and any currency intervention would be aimed at restraining excessive moves, Vice Finance Minister Fumihiko Igarashi said.