Asia's luxury shoppers are switching their allegiances from long-time favorites Hong Kong and Singapore, and it's not just for a change of scenery.» Read More
Most Asian markets made firm gains Thursday, as solid earnings and expectations of further U.S. interest rate cuts outweighed worries about inflation, even as oil hit a record high above $101 a barrel.
Asia is weaker (Japan down over 3 percent). Some chatter about a unit of KR asking for restructuring of billions of dollars in short-term debt, reported overnight by the Wall Street Journal in Tokyo. Commodities--including energy, base and precious metals--taking a breather this morning.
Asian markets closed sharply lower Wednesday with Japan losing over 3 percent lower and both Australia and South Korea ending around 2 percent down.
I hear it all the time from car buffs, Chrysler fans, and those who lament the struggles of the American automakers. It goes something like this: "Why is Chrysler cutting back here in the U.S. and looking to expand overseas?"
Asian stocks ended mostly in the green Tuesday as investors, sought undervalued bank shares and exporters that could gain from a modestly stronger U.S. dollar. Japan, South Korea and Australia all closed stronger.
Asian stocks closed mixed Monday, as investors shrugged off a rash of weak economic indicators to keep most markets afloat. Japan and South Korea closed just a touch higher, which the Hong Kong market fell.
Asian stocks ended the week with a mixed session Friday, but off their earlier lows. Japan closed almost flat despite making sharp losses in the morning. South Korea finished just slightly lower.
The Bank of Japan left its policy rate target unchanged at 0.5 percent on Friday as uncertainty persists over the nation's economic outlook despite resilient growth figures for the last quarter of 2007.
Asian markets surged in the afternoon session, buoyed by a surprise increase in U.S. retail sales and unexpectedly strong growth figures for the Japanese economy. Both Tokyo and Seoul closed over 4 percent higher.
Asian markets received an early boost after billionaire investor Warren Buffett made an offer to take on $800 billion of U.S. municipal bond risk. But many of the Asian indexes gave back earlier gains to close mixed. Indian and Hong Kong stocks closed firmly higher, while China and Australia fell.
Japanese annual wholesale inflation hit a 27-year high of 3 percent in January due to rising oil and other raw material costs, but the Bank of Japan is likely to sit tight on rates in the face of cost-push inflation and slowing global growth.
Asian markets were slightly higher on Tuesday driven by a rebound in the U.S., but financials remained fragile after American International Group raised fears it would become the latest casualty of the credit crisis.
Want an illustration of why traders are nervous about how stable earnings forecasts are? New York State Governor Eliot Spitzer is lowering projections for tax revenue by $384 million, only three weeks after presenting his budget!
Oil and precious metals rose on supply concerns on Monday in thin holiday trade in Asia, while the few stock markets that were open, such as South Korea and Australia, unravelled on fear the credit crunch would spread further.
The Japanese market fell 1.4 percent in a quiet Friday session. But Australia finished 1.1 percent higher. Volumes were thin with many investors away for the lunar new year.
Japan ended higher Thursday, rebounding from early losses, but Australia closed lower, hitting a five-day low as investors remained sidelined after recent signs that the U.S. economy is headed into recession.
Japan's foreign reserves, the world's second largest after China, hit a record high of $996 billion at the end of January as falling interest rates boosted the value of foreign bonds in the stockpile.
Asian markets tanked in the afternoon session Wednesday, sending investors on a selling spree after unexpectedly weak service sector data in the United States and Europe fueled fears of a recession. Japan plunged over 4 percent and Hong Kong closed more than 5 percent lower.
A food scare involving contaminated dumplings imported from China by Japan Tobacco has scuttled a deal to merge the company's frozen food business with that of Nissin Food Products, the companies said on Wednesday.
Asian markets continued their weak run Tuesday with financial stocks sinking after U.S. credit card firms and banks were downgraded, stoking fears their troubles could spread to the global sector.