Most Asian stocks fell, led by mining companies, after the world’s two largest copper producers warned of lower demand for the metal because of China’s plans to curb its economy. Energy companies and automakers rose.
BHP Billiton Ltd., the world’s largest mining company, sank 2.4 percent after the comments from Codelco and Freeport-McMoran Copper & Gold Inc.’s chief executive officers dragged metal prices lower. Santos Ltd., Australia’s No. 3 oil producer, gained 0.9 percent after crude-oil climbed. Fuji Heavy Industries Ltd., which makes Subaru cars, surged 7.2 percent after the Nikkei newspaper said the company will earn a record profit in North America. (more)
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