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Asian markets closed mixed following a cautious day ahead of major U.S. data due this week and an interest rate meeting by the European central bank. Japanese stocks boar the brunt of declines, while Hong Kong investors enjoyed resilience in the Hang Seng.
Asian stocks closed mixed in subdued trading on the lack of a lead from U.S. markets which were closed on Monday for a public holiday.
The former chief executive of Singapore Telecommunications, Lee Hsien Yang, is expected to become chairman of Singapore conglomerate Fraser & Neave, The Business Times reported.
Asian markets were mixed Monday, as investors stayed cautious in spite of reassuring statements by U.S. President George W. Bush and Fed Chairman Ben Bernanke on sheltering the economy from the turmoil in the markets.
Asian markets made solid gains Friday, ending the week firmly in positive territory as investors bet on a positive reaction to Fed Chairman Ben Bernanke's speech on monetary policy and housing in Jackson Hole, Wyo. at 11 am Singapore time.
Asian markets mostly finished higher Thursday, but were off their morning highs. Volumes were thin amid a dearth of strong incentives, with many market participants holding back ahead of a long weekend in the United States. Japan and South Korea both closed almost 1% higher.
Asian stocks closed lower across the region Wednesday as investors shunned riskier assets on the renewed fears about the health of the U.S. economy. But markets were off their lows with South Korea closing just slightly in the red after plunging as much as 3% at one point during the session.
Asian stocks mixed Tuesday as fresh fears about the outlook for the U.S. economy offset healthy profits and orders at firms in the region, while the yen firmed as investors trimmed exposure to riskier assets.
Asian stocks were stronger in the afternoon session Monday with markets taking cues from a Wall Street rally triggered by surprisingly strong economic data, while the Japanese yen weakened against the U.S. dollar as risk appetite strengthened.
Asian stocks led by finance counters, were lower across the board in the afternoon session Friday, on concerns that problems in the U.S. housing and credit markets could push the world's biggest economy into recession. Australia, Japan and South Korea all closed down.
Three of Asia's biggest banks, including state-run giant Bank of China, revealed bigger-than-expected exposure to the U.S. subprime mortgage crisis, sending their shares skidding on Friday.
DBS Group Holdings, Southeast Asia's biggest bank, said on Friday it has more direct exposure to collateralized debt obligations than previously declared, sending its shares down over 2%.
Singapore Airlines, the first carrier in the world to fly the new superjumbo A380, said Thursday the first delivery of the hulking jet has been set for Oct. 15.
The Philippine peso and Singapore dollar led the losses in Asia on Wednesday as investors extended their aggressive sales of risky assets on fears U.S. credit market woes were spreading overseas.
Singapore Telecommunications, Southeast Asia's largest phone company, on Tuesday beat market expectations with a 10.4% rise in first-quarter net profit reflecting good business at home and abroad.
Singapore's state-owned Temasek Holdings warned that growing protectionism in Europe and the United States towards it and other sovereign wealth funds could hurt its expansion as it seeks higher returns abroad.
Singapore's quarterly jobless rate fell to six-year low on Tuesday while its workforce grew at the fastest pace since records began in 1980, a further sign that the central bank may face rising inflation.
CapitaLand, Southeast Asia's biggest developer, on Tuesday posted a nearly six-fold surge in second-quarter net profit on the back of strong home sales in Singapore and China.
DBS Group posted a quarterly net profit of S$560 million (US$369.5 million), down 7% from S$603 million a year earlier due to a one-time charge in the period. Excluding the one-time items, the net profit for the quarter was S$664 million, up 21% from a net profit of S$549 million, beating the first quarter's better-than-expected profit of S$617 million.
British bank Barclays has raise its offer for ABN Amro Holding to $93.1 billion with help from two Asian partners, an attempt to remain competitive with a rival bid from a group led by Royal Bank of Scotland.