Market Report - Asia Shares Lower on Financials

ZHANG: Asian shares were mostly lower Wednesday, as talk of foreign buying interest was offset by weakness in regional financial shares.

In Japan, the Nikkei declined, with steelmaker JFE lower amid plans for a blast furnace joint venture with a Korean steel firm and a Brazilian mining company in that country.

On the political front, the upper house of parliament confirmed Masaaki Shirakawa as central bank governor, but rejected a government nominee for deputy governor.

In Australia, top miner BHP Billiton firmed again on market talk that China's Baoshan Iron and Steel was looking to buy a stake.

BHP shares hit their highest in four months after the news, but a weaker financial sector kept overall Australian sentiment flat, leading to a loss in the benchmark index.

Taiwan stocks dipped slightly, but China shares tumbled, with the Shanghai index down more than 5 percent.

Meanwhile, South Korean financial markets were closed for a general election.

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News & Politics

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