Asian stocks fell, with the regional benchmark index capping its biggest weekly loss this year, after the Federal Reserve damped expectations for more monetary easing and on renewed concern Europe’s debt crisis will weigh on economic growth, damping the outlook for Asian exporters.
Honda Motor Co. (7267), a carmaker that gets 83 percent of its revenue abroad, dropped 4.3 percent in Tokyo. Hutchison Whampoa Ltd. (13) and other companies that do business in Europe slid after demand fell at a Spanish government bond auction. Fast Retailing Co. (9983), Asia’s top clothier, plunged 6.8 percent in Tokyo after sales at its Uniqlo stores disappointed investors.
Saudi plans $91bn spend to spur petchem sector
Saudi Arabia has earmarked $91 billion to be spent over the next 10 years to build new petrochemicals plants and expand existing ones as well as integrate refineries with petrochemical units, accordi