Asian stocks dropped, with the regional benchmark falling to its lowest level in eight weeks, amid concerns Europe’s debt crisis may spread and China may raise interest rates to curb inflation. Exporters rose after a report showed U.S. consumers increased holiday spending.
Billionaire Oleg Deripaska , who listed his United Co. Rusal in Hong Kong this year, says the city is Russia’s best chance to tap into Asian economic growth. Investors, who have watched debt-laden Rusal slump, are yet to be persuaded.
Asian stocks fell, dragging the MSCI Asia Pacific Index to its biggest drop in two weeks, after an unexpected decline in U.S. home sales raised concern about the strength of the world’s largest economy.