Asian stocks outside of Japan fell, with a regional gauge heading for its lowest close in a month, as investors weighed developments in Ukraine and corporate earnings.
The U.S. yesterday named seven individuals, including Igor Sechin, chief executive officer of oil giant OAO Rosneft, and 17 companies linked to President Vladimir Putin’s inner circle such as InvestCapitalBank and Volga Group. The European Union added 15 individuals to its sanctions list, though their identities weren’t immediately released.
South Korea’s Kospi index lost 0.2% and Australia’s S&P/ASX 200 Index fell 0.9%. Singapore’s Straits Times Index slipped 0.5% and India’s S&P BSE Sensex index declined 0.4%. New Zealand’s NZX 50 Index climbed 0.6%. Taiwan’s Taiex index and China’s Shanghai Composite Index gained 0.7%. Hong Kong’s Hang Seng Index rose 0.3%. Markets in Japan were closed for a holiday.
The Federal Reserve will probably announce a fourth straight stimulus cut at the conclusion of a two-day meeting tomorrow, economists say.
Sinopec dropped 1.6% in Hong Kong. First-quarter profit fell 15% to 14.1 billion yuan ($2.26 billion) from a year earlier. The average of analyst estimates was 15.9 billion yuan.
Shanghai Pharmaceuticals Holding Co. tumbled 12%, heading for its biggest decline since May 2012, after the drugmaker reported lower quarterly earnings.
Vard Holdings Ltd., a builder of offshore support vessels, dropped 4.6%, heading for its biggest decline since Nov. 6, after reporting first-quarter profit plunged 51%.
Mining companies fell as gold futures slipped and iron-ore retreated to a seven-week low. Zijin Mining Group Co., China’s biggest gold producer, fell 2.1%. Newcrest Mining slid 3.1% and Fortescue Metals Group Ltd., Australia’s third-largest iron-ore producer, sank 2.3%.
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