Asian stocks fell the most in three weeks after the Wall Street Journal reported Bank of America Corp. and Citigroup Inc. were told by U.S. regulators that they need more capital.
The Nikkei 225 Index dipped 232.57 points, or 2.7% Tuesday, to 8,403.77
Hong Kong’s Hang Seng Index tumbled 285.31 points, or 1.9%, to 14,555.11
Standard Chartered Plc slumped 5.5% in Hong Kong. Ping An Insurance (Group) Co., China’s second-largest insurer, sank 9% on lower profit. JFE Holdings Ltd., Japan’s No. 2 steelmaker, fell 6.8% after U.S. Steel Corp. reported a larger-than-estimated loss.
Chugai Pharmaceutical Co. rose 1.9% in Tokyo, gaining for a second day on speculation the swine flu outbreak will boost sales of its Tamiflu antiviral drug. The World Health Organization raised its pandemic alert level for swine flu, spurring concern the spread of the disease will hurt government efforts to revive the global economy.
Trend Micro Inc., the world’s third-biggest maker of security software, climbed 4.2% after first-quarter profit unexpectedly increased. East Japan Railway Co., the nation’s largest rail operator, jumped 7.6% after saying it will buy back shares.
National Australia Bank Ltd., the country’s biggest by assets, lost 3.4% as first-half profit fell 0.9% on an increase in bad debts.
BlueScope Steel Ltd., Australia’s largest steelmaker, slumped 5%. U.S. Steel reported a first-quarter net loss that was more than twice analysts’ estimates and cut its dividend as prices plunged.
Korean Air Lines Co., South Korea’s largest airline, dropped 2.4%. The company said yesterday it won’t cancel flights to Mexico, where flu-related deaths reached 149. Air China Ltd. slumped 7.2% in Hong Kong.
Elsewhere:
China’s Shanghai 300 Composite Index bucked the trend and gained 5.24 points, or 0.2%, to 2,518.53
Singapore’s Straits Times Index shed 10.2 points, or 0.6% to 1,808.41
South Korea’s Kospi Composite Index settled back 39.59, or 3% at 1,300.24
Taiwan’s Taiex Index slid 108.32 points, or 1.9%, to 5,596.73
New Zealand’s NZX 50 Index picked up 22.07 points, or 0.8%, to 2,686.44
Australia’s S&P/ASX 200 lost 23.20 points, or 0.6% at 3,708.40
