Market Report Asia Stocks Ease Ahead of Bailout

Asia stock markets eased today ahead of a key vote by U.S. politicians on the financial bailout package.
After heated wrangling by U.S. lawmakers to thrash out a deal, the largest financial rescue in U.S. history looked set to get a green light.

Despite this, Japan's Nikkei dipped as investor caution about the U.S. bailout plan outweighed relief that a deal was getting done.

Major banks slumped while carmaker Toyota Motor fell on a dim global economic outlook.

In Hong Kong, stocks fell on similar jitters, with Chinese insurer Ping An dragged down by a small stake in troubled Belgian-Dutch Bank Fortis, which was nationalized over the weekend.

Property stocks like Sun Hung Kai also fell after a hike in mortgage rates by the city's largest bank, with real estate coming under increasing strain from the global financial fallout.

The U.S. dollar meanwhile found support, boosted ahead of a vote by U.S. lawmakers on the $700 billion bailout package. The Euro however fell against the dollar after Fortis Bank was rescued in a state buyout.

Oil prices dipped further to below 106 dollars a barrel on the dollar's relative strength.

Category:

News & Politics

Tags:

• ntd
• Market
• Report
• Asia
• Stocks
• Bailout

[Billinka18]

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