Asian stocks head for lowest close since 2012

Asian stocks fell, with the regional benchmark index heading for its lowest close since November 2012, after Chinese equities slumped as trading resumed on the mainland following a four-day weekend.
Galaxy Entertainment Group Ltd. dropped 5.1 percent in Hong Kong, pacing declines among Macau casino operators, after Wells Fargo Securities said VIP gaming revenue in the former Portuguese enclave may not fully recover. Perusahaan Gas Negara Persero Tbk, an Indonesian supplier of natural gas, tumbled 11 percent in Jakarta after the government announced plans to cut prices. Ricoh Co. jumped 9.3 percent in Tokyo after Effissimo Capital Management Pte raised its stake in the maker of office automation equipment
The MSCI Asia Pacific Index dropped 0.5 percent to 124.16 as of 4:08 p.m. in Hong Kong. The gauge slumped 4.8 percent last week, capping its seventh weekly decline, as a contraction in Chinese manufacturing reinforced investor concern about the world’s second-biggest economy. The Standard & Poor’s 500 Index fell 1.5 percent on Friday after August payrolls data failed to provide clarity on the U.S. interest-rate outlook.
“Investors are increasingly concerned about the slowdown in the Chinese economy,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “There’s a lot of potential market-moving news in the next two weeks, including the possibility of a U.S. interest-rate hike this month. It might be time for investors to keep their seat belts on.” Bloomberg