Hong Kong stocks fell, with the benchmark index capping its biggest weekly drop in a year, before the release of U.S. jobs data that may give guidance on Federal Reserve stimulus plans. Shares also dropped ahead of China’s inflation and trade reports.
Asian stocks fell, dragging down the benchmark regional index for the first time in three days, as radiation hampered efforts to cool crippled nuclear reactors in Japan, and as company earnings missed analyst estimates.
Asian stocks fell the most in three weeks as slower-than-estimated growth in U.S. incomes fueled concern the economic recovery may falter. Japanese shares led declines on concern the government’s latest policy efforts will fail to rein in the yen and boost domestic growth.
The Hang Seng China Enterprises Index became the first of Asia’s major equity benchmark gauges to exit a bear market as the Chinese government bought bank shares and pledged support for small business, spurring the biggest rally in three years.
Hong Kong’s Hang Seng Property Index , which contains seven of the city’s largest developers, reversed losses after Financial Secretary John Tsang said today measures to prevent the formation of asset bubbles were working.