Asian stocks fell after an unexpected drop in U.S. home sales signaled a housing recovery in the world’s largest economy is running out of steam, while investors weighed better-than-estimated earnings from Apple Inc. and Facebook Inc.
European stocks rose with U.S. equity-index futures as investors assessed earnings after Apple Inc. and Facebook Inc. reported results that beat estimates. New Zealand’s dollar gained after the nation’s central bank raised rates and nickel advanced.
Hyundai Motor Co. reported profit that missed analysts’ estimates, sending shares of South Korea’s largest carmaker lower and illustrating how the won’s climb is eroding earnings for the nation’s exporters.
Ford Motor Co. Chief Executive Officer Alan Mulally is lining up a substantial corporate position for his next act, probably as a board director or chairman, according to people with knowledge of his plans.
Japan could cut its corporate tax rate as early as next fiscal year by 2 to 3 percentage points, gradually lowering the levy toward 25 percent in later years to boost the nation’s competitiveness, a tax panel member said.