Market Report - Asian Shares Slip

Asian stocks slid on Wednesday. It comes after U.S. corporate news increased worries about falling demand in exports.

Japan's Nikkei slipped, as debt problems in Greece and Dubai dampened investor confidence and pushed up the yen which weighed on Honda and other exporters.




But Shares of Suzuki rose nearly 4 percent after the automaker said Volkswagen will take a 19.9 percent stake in it for $2.5 billion.

And Sanyo shares surged over 5 percent on news it will be bought by rival Panasonic to create the largest electronics maker in the world.

Panasonic is particularly interested in Sanyo's green business -- Sanyo is currently the world's top rechargeable battery-maker and is also involved in the solar sector.

Elsewhere, China Shipbuilding Industry, the country's largest ship equipment maker, raised $2.2 billion for its IPO, despite a tough outlook for the global shipping industry.

Hong Kong and China stocks fell on concerns over more shares issues and possible fundraising by banks, while sluggish overseas markets also weighed on sentiment.

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