Asian stocks open negative, led by financial and mining cos

Asian stocks fell, led by financial and mining companies, as higher loan-loss reserves at Bank of America and a drop in commodity prices derailed optimism the global economy is recovering.

Orix Corp slid more than 6% after Nomura Holdings downgraded the shares. Mitsubishi Corp dropped more than 5% after the Nikkei newspaper said falling coal prices will erode profits.

Japanese benchmark index Nikkei fell 299.06 points, or 3.35%, to trade at 8,625.69.

Hong Kong`s Hang Seng index declined 574.38 points, or 3.65%, to trade at 15,176.53.

China`s Shanghai Composite slid 13.14 points, or 0.51%, to trade at 2,544.31.

Taiwan`s Taiex index dropped 94.36 points, or 1.63%, to trade at 5,687.30.

South Korea`s Kospi index slipped 25.30 points, or 1.89%, to trade at 1,311.09.

Singapore`s Straits Times decreased 56.57 points, or 3.02%, to trade at 1,818.28. (8.07 a.m., IST)