Asian Markets Cool Off

Posted by admin on Feb 23rd, 2010 and filed under Business. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Asian Markets Cool Off SINGAPORE -- Asian share markets were mostly lower Tuesday, with banks' fund-raising plans weighing on China, while disappointing corporate earnings hurt the Australian market. "The downward correction has probably run its course, but the markets are more likely to trade sideways for a while," said IG Markets strategist Ben Potter in Sydney. Japan's Nikkei 225 was down 0.5% while Australia's S&P/ASX 200 was 0.2% lower and South Korea's Kospi Composite was down 0.1%. Hong Kong's Hang Seng Index rebounded, rising 1.2% after falling in early trade, Taiwan's main index was up 0.1% and the Shanghai Composite was 1.7% lower. Dow Jones Industrial Average futures were 10 points lower in screen trade. "At this moment, the bullish factors appear more likely to have the ascendancy," said Greg Gibbs, currency strategist at RBS. "The fears over Greece have probably reached maturity. The more likely outcome is that other Euro area members reluctantly back Greek efforts to rein in its budget and prevent severe contagion," he added.[Read more...]

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