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Asia stocks drift ahead of Japan report
By Alex Frew McMillan
HONG KONG, China -- Asian stocks are drifting as they head into Tuesday afternoon trade after a fall on Wall Street. Japan's Nikkei average went into the lunch break just slightly down, off 0.08 percent at 8,750.81. The broader Topix is further in the red, off 0.51 percent at 867.67. Investors are being cautious ahead of the government's deflation-fighting package and plan for the banks, due for release on Wednesday. But bank stocks themselves are trading higher. There are losses in most other Asian markets, though Korea's Kospi is building on Monday's run with a 0.42 percent rise to 681.00. Australia, Singapore, Taiwan and Hong Kong are all down between 0.5 percent and 0.75 percent. The declines in Asia come after Wall Street's rally broke with a 0.9 percent slide in the Dow Jones industrial average, which ended Monday at 8,368.96. U.S. techs were down a little more, with Nasdaq falling 1.15 percent. (Full story) Japan responds to earningsIn Japan, investors are also reacting to a string of earnings. No. 2 carmaker Honda Motor plunged on Tuesday and is down 11.1 percent at 4,500 yen at lunch, after giving a cautious forecast for the rest of the year. (Full story)
Toyota Motor, the largest car producer in Japan, is off in sympathy, down 3.19 percent at 3,030 yen. But Sony Corp., which also reported on Monday, is up 0.18 percent at 5,500 yen after saying it returned to a profit on a rebound in its electronics division. (Full story) Bank stocks are a little higher on the promise of compromise on Financial Services Minister Heizo Takenaka's bank plan. Analysts and media reports suggest the plan to force banks to toughen the way they measure deferred-tax assets may be modified. Takenaka downplayed that suggestion on Tuesday, saying he had not made a decision on the issue. Mizuho Holdings is up 1.85 percent at 165,000 yen, with Sumitomo Mitsui up 4.31 percent at 484 yen. UFJ Holdings and MTFG are also higher. Trade is very light in Tokyo ahead of the report. Japan's jobless rate remained steady at 5.4 percent, close to a record, for September. (Full story) Australia crops hit by droughtIn Australia, the S&P/ASX 200 index is down 0.68 percent at 3,015.0, mainly in response to Wall Street. News Corp. is down 0.73 percent to A$10.80, with Telstra off 0.21 percent at A$4.78. BHP Billiton is sliding 1.44 percent at A$9.61. Australia cut crop forecasts as the country reels from a severe drought. (Full story) That is knocking companies such as Wesfarmers and Graincorp. New Zealand's Top 40 is back from the Labour Day holiday with a slight rise, up 0.17 percent to 2,012.07. Telecoms off in Hong KongHong Kong's Hang Seng index is down 0.72 percent at 9,783.08. China Mobile is leading the declines, off 2.86 percent to HK$20.35. China Unicom is down 2.80 percent to HK$5.20, with some U.S. investment funds reducing exposure ahead of China Telecom's initial public offering in early November. The declines are broad-based, with only Sun Hung Kai Properties and Hang Seng Bank trading higher among the Hang Seng's 33 components. In Taiwan, the Taiex is off 0.57 percent at 4,575.30 after Nasdaq's slip. China Steel is down 1.05 percent at T$18.80 and topping the volume charts. Chip foundry UMC is lower after a fall in U.S. chip stocks. Taiwan's largest personal-computer company, Acer, is up 1.25 percent to T$32.30 after reporting a sharp increase in profit for the first three quarters. (Full story) Korea continues strengthIn South Korea, the Kospi is building on Monday's 3.39 percent leap, with a 0.42 percent rise to 681.00. Korea's industrial output is giving investors confidence, coming out with a better-than-expected 3.4 percent rise in September, over last year. SK Telecom is down 0.66 percent at 226,000 won after the government slapped it with a 30-day ban from signing up new customers, for offering illegal handset subsidies. That is also hurting chipmaker Samsung Electronics, down 0.83 percent to 358,000 won. In Singapore, banking leader DBS Group is down 3.1 percent to S$12.50 after reporting worse-than-expected third-quarter earnings after the close Monday. (Full story)
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