Major Asian markets were lower across the board Friday, with bank stocks hit especially hard, as more bad news out of the U.S. financial sector exacerbated worries about banks.
Major Asian markets put on a strong showing on Wednesday, tracking a Wall Street rally that came on the heels of the U.S. Federal Reserve's decision to leave interest rates unchanged.
Asian markets extended Monday's losses amid sharp falls in commodities and deepening fears of a weakening global economy.
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Asian markets fell Monday as a rebound in oil prices to above $126 revived inflation concerns at a time when major economies such as the U.S. and Japan are already seen headed for tough times. Japan lost 1.2% while South Korea fell almost 2%.
Asian markets extended losses in the afternoon session Friday after disappointing U.S. economic data revived concerns about a recession in the world's top economy and bearish comments from former Fed chairman Alan Greenspan sank Wall Street.
Asian stocks were mostly higher Thursday, though markets pared back gains as investors weighed central bank support for the financial sector against continued uncertainty about growth and the worry that loose monetary policy could fuel inflation further out.
Asian markets rallied Wednesday as investors joined Wall Street's optimism that the worst news from U.S. banks might be over and took heart from a strengthening dollar and falling oil prices. Japan and Australia both closed higher.
Asian stocks tumbled Tuesday, after Merrill Lynch, the third-largest U.S. investment bank, said it would take a $5.7 billion write down related to bad debt, draining confidence in the unstable financial sector. Japan and Australia both fell 1.5%.
Asian markets were mostly higher Monday as financial sector uncertainty lingered ahead of a slew of company earnings. Exporters advanced on the back of a stronger U.S. dollar which rose to a one-month high.
Asian markets were sharply lower Friday, ending a four-day rally, after bleak U.S. economic data weighed on financials, while a drop in the U.S. dollar against the yen hit exporters such as Toyota Motor.
Oil prices fell to a seven-week low below $125 a barrel Thursday as U.S. energy demand was seen reaching a tipping point, sending investors back into Asian stocks for the fourth consecutive day. Both Japan and South Korea closed 2% higher.
Asian markets strengthened Wednesday, as a drop in oil prices boosted cost-sensitive transport and consumer stocks, while a rise in the U.S. dollar lifted exporters. Both South Korea and Australia climbed 2 percent.
Asian stocks outside of Japan slipped Tuesday after a landslide of lower-than-expected U.S. corporate results sparked fears of a pullback in consumer demand, boding ill for the region's exporters. But Tokyo rallied 3% higher.
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Asian markets surged Monday, helped by a smaller-than-expected loss at Citigroup that provided comfort about the financial sector's stability ahead of more results this week from banks and industrial companies. Both South Korea and Australia gained over 3%.
Asian markets fell Friday, hurt by resource-related shares stung by oil's 10% decline this week and by weaker-than-expected results from Merrill Lynch, which deflated hopes for a recovery in the financial sector.
Asian markets rebounded but were off their highs Thursday, boosted by Wall Street's rally Wednesday and a decline in oil prices, providing some relief from fears about the global credit crisis spiraling out of control. Japan closed 1% higher.
Asian markets seesawed Wednesday with investors uncertain about global growth prospects, the state of the financial sector and volatile oil prices. Japan finished flat, South Korea fell but Australia gained over 1%.