Stocks decline on HSBC stumble
Hong Kong stocks fell, with the benchmark index dropping the most in a month, after HSBC Holdings Plc missed earnings estimates and amid speculation the Federal Reserve is closer to reducing stimulus. HSBC, Europe’s largest bank, accounted for more than half the Hang Seng Index’s point decline after CEO Stuart Gulliver said a slowdown in emerging markets was hurting profit. The Hang Seng Index fell 1.3 percent to close at 21,923.70, halting a three-day rally. Six stocks fell for each that rose on the 50-member gauge. The Hang Seng China Enterprises Index of mainland companies lost 0.8 percent to close at 9,650.42.