Asian stocks fell to a two-week low after Inpex Corp. cut its profit forecast and Fortescue Metals Group Ltd. said iron-ore shipments may drop, pointing to a worsening outlook for global economies.
Inpex, Japan's largest energy explorer, retreated 5.4 percent as oil traded near a 20-month low. Fortescue, Australia's third-largest iron-ore producer, plunged 11 percent. Hana Financial Group Inc. tumbled 11 percent in Seoul after Fitch Ratings cut the outlook on South Korean banks' and securities companies' foreign currency debt ratings.
“Investors are waiting for a sign of recovery in the global economy,” said Hisakazu Amano, head of fund management at T&D Asset Management Co., which oversees about $39 billion in Tokyo.
