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Kelvin Blacklock, CIO at Eastspring Investments says the markets that have moved up recently are those that have seen strong earnings growth. He says these defensive markets are looking expensive while the cyclicals appear cheap.
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Asian markets closed sharply lower Friday, with the exception of China and India, as investors sold down shares after report in the New York Times that Merrill Lynch could suffer $15 billion in losses from soured mortgage investments, almost twice its orginal estimate. Japan shed almost 2 percent and South Korea finished 2.3 percent lower.
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Asian markets were mostly lower in the afternoon session Thursday, on worries about global growth after Goldman Sachs forecast a U.S. recession this year. Both Japan and South Korea closed over 1 percent lower.
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The parent company of Air China, the country's top carrier, is expected to file a proposal within two weeks to buy a stake of China Eastern Airlines, Chinese media reported on Thursday.
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Asian markets rebounded in the afternoon session Wednesday after initially falling to three-week lows on the back of Wall Street's dismal performance Tuesday. Both Japan and South Korea clawed back into positive territory to finish the session stronger.
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Shares in China Eastern Airlines slipped on Wednesday, a day after its shareholders rejected a deal to sell a 24 percent stake to Singapore Airlines for $920 million.
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Most Asian markets were edging higher in the afternoon session Tuesday following recent falls. Japan managed to finish slightly higher after spending most of the day in negative territory. But South Korea closed lower.
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Shareholders of China Eastern Airlines on Tuesday rejected a deal to sell a 24 percent stake in the country's third-largest carrier to Singapore Airlines for $920 million.
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Asian stocks continued the negative start to the year Monday as many indexes sank to two-week lows, but Chinese and Indian indexes managed robust gains. Taiwan's TIAEX closed over 4 percent lower and Singapore' Straits Times Index ended 2.5 percent down.
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Air China's parent vowed on Sunday to pay at least 32 percent more for a coveted slice of China Eastern than rival suitor Singapore Airlines had agreed to, upping the ante in their contest for China's No.3 carrier.
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Japanese stocks tumbled as much as 5 percent on Friday, the first trading day in a week, as growing worries about the U.S. economy battered Wall Street.
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Asian stock indexes finished lower across the board Thursday, with the exception of the Shanghai Composite Index, as investors were spooked by the surprise contraction in U.S. manufacturing, and the impact of record oil prices on global growth.
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China's No. 1 and No. 3 airlines nosedived on Thursday as doubts clouded China Eastern's increasingly troubled campaign to sell a US$920 million stake in itself to Singapore Airlines and Temasek Holdings.
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Asian markets kicked off the new year under pressure on worries about a slowing global economy. But oil and gold prices continued to edge higher approaching record highs.
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Air China's parent called on Tuesday a US$920 million investment by Singapore Airlines in rival carrier China Eastern unfair and too cheaply priced, suggesting the aviation firm will vote against the impending acquisition.
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Singapore's trade-driven economy shrank for the first time since 2003 in the fourth quarter as weak manufacturing dragged on growth and momentum is expected to weaken further in 2008.
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Asian stocks were mostly higher Monday in thin holiday trading, with most investors away to usher in the new year. But Pakistan's shares slid in its first reaction to the assassination of former prime minister Benazir Bhutto whose death last week plunged the country into one of its deepest crises.
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Most Asian markets closed lower Friday as investors were rattled by the assassination of Pakistan opposition leader Benazir Bhutto, and data pointed to continuing economic weakness in the United States.
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Asian closed mixed, with some boosted by resources companies such as BHP Billiton as oil and commodities prices firmed. But Tokyo closed down, staying on course to end the year as the world's worst performing major stock market.
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Asian stocks were mostly higher in the afternoon session Wednesday. Trade was thin as many investors were away for Christmas holidays. Japan closed higher be South Korea declined. Other Asian markets including Australia and Hong Kong were shut, and many markets in Europe will also be closed.
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Merrill Lynch shored up its capital base by as much as $7.5 billion after selling a stake to Singapore's government and an asset manager, and unloading much of a lending business, as it wrestles with huge subprime mortgage losses.