Market Report - Oil Drops, Asia Rises

ZHANG:
Asia stocks rebounded on Wednesday with investors cheered by a drop in the cost of global oil.

Crude prices held near $136 a barrel in Asia trade, after falling more sharply earlier in the week.

The high price of oil has been affecting most sectors of Asia's diverse economy. Airlines fares have increased to pay for jet fuel, while companies need to pay more to produce goods ranging from cars to gadgets.

Consumers have also been hit. A survey out of Australia on Wednesday shows consumer confidence tapping a 16-year low as record gasoline prices hurt family finances.

Japanese consumers may also be feeling the pinch of higher prices, but that didn't stop many from lining up in front of Apple's store in Tokyo ahead of the launch of the company's iPhone.

A grad student from Nagoya, more than 160 miles west of Tokyo, rushed out of his house the night before to win the first spot in the long line.

[Hiroyuki Sano, Grad School Student]:
"I arrived at 6 a.m. yesterday, stayed in line till 10 a.m. Left the line when it rained heavily, but came back right after."

The phones go on sale in Asia on Friday, when Apple will enter one of the world's most advanced mobile phone markets.

Category:

News & Politics

Tags:

• ntd
• market
• report
• oil
• drops
• asia
• rises
• stocks
• trade
• economy
• investors