Skip navigation

Current DateTime: 07:51:26 10 Nov 2009
LinksList Documentid: 24355697

FEATURED QUIZZES


Current DateTime: 07:51:26 10 Nov 2009
LinksList Documentid: 33793611

Current DateTime: 07:51:26 10 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Asian Markets Drop Sharply on Economic Jitters
By: CNBC.com | 23 Jun 2009 | 05:19 AM ET
Text Size

Asian stocks tumbled Tuesday, but were off the morning session's lows, after falling commodity prices and a sharp drop on Wall Street spooked investors into taking profits and buying the yen on speculation the rapid pace of recovery may not be sustainable.

Questions about the extent of Chinese restocking of various commodities weighed on base metals prices and oil, with U.S. crude dropping below $67 a barrel, down $6 from an eight-month high reached on June 11.

The U.S. recession was widely viewed as ending sometime in the second half of 2009, but that has already been priced in, leading investors to trim positions into the end of the first half and wait for further confirmation.

The U.S. dollar [$$USDJPY  Loading...      ()   ] dropped to the lowest since June 1, at 95.25 yen, down 0.7 percent. The Australian dollar [$$AUDJPY  Loading...      ()   ] was down 1 percent to 74.64 yen. Crude oil prices [US@CL.1  Loading...      ()   ] fell below $67 a barrel as fears over demand hit investor appetite.

Japan's Nikkei 225 Average [JP;N225  Loading...      ()   ] finished down 2.8 percent as investors moved to unload riskier assets after they were rattled by falls in overseas markets and worry about the global economy. Mitsubishi and other resource-linked shares took a battering as oil fell below $67 and copper extended losses on fears about slowing demand, while exporters fell as the yen advanced against the dollar.

South Korea's KOSPI also ended 2.8 percent lower as renewed economic worries pressured commodities and energy-related issues, including POSCO and SK Energy, while banks also retreated on a weaker won.

Australian shares closed down 3.1 percent, their lowest close in four weeks, as investors fretted about the strength of a world economic recovery, selling mining stocks such as BHP Billiton, down 4.1 percent.

More From CNBC.com

Hong Kong shares retreated 2.9 percent in a broad-based slump spurred by lower energy and metals prices and a steep drop on Wall Street overnight over doubts about the pace of economic recovery. Scandal-tainted Chinese electronics retailer GOME jumped over 68 percent as it emerged out of a seven-month trading suspension after announcing a major capital raising move and signed on U.S. private equity firm Bain Capital as a new investor.

Singapore's Straits Times Index was down 1.8 percent. Neptune Orient Lines retreated from earlier losses to trade 1.4 percent higher after it said it carried 21 percent fewer containers in the four weeks to May 29 versus a year ago.

China's Shanghai Composite Index fell 0.1 percent, mildly outperforming other Asian markets,
pulling back after scaling an 11-month closing high in the previous session. The premium gap between yuan-denominated A-shares and their Hong Kong-listed H-share counterparts rose above 42 percent for the first time in over two months. Financial shares were weak after leading Monday's gains. CITIC Securities sank after saying the National Audit Office had found violations in related operations including the company itself and its parent. CITIC said the investigation would not affect earnings.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Vote and suggest your own, and remember--there's a fine line between a hero and a zero.
  • If you are lucky enough to have money and the time, this is a great time to see America, says CNBC's Jane Wells.
  • What’s powering your microwave, fridge and computer? Part of it is fuel from Russian nuclear weapons. The NYT reports.
  • Mickey Mouse
  • One author sees lessons for you in Disney’s recent Makeover of Mickey Mouse: “Nice” doesn’t always win.
  • With 123 years of history, slogans and commercials, Coca-Cola is the most recognized brand on earth.
  • The opening of a virtual pet store in “World of Warcraft” could prove a cash bonanza for Activision-Blizzard.
ADD COMMENTS
Remaining characters


Current DateTime: 02:47:39 10 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:02:37 10 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 04:56:52 10 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:02:37 10 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters