Market Report Asian Shares Rise

CHEN:
Asian stocks rose on Tuesday. Japan's benchmark Nikkei was up more than 6 percent after the benchmark briefly broke below 7,000 for the first time in 26 years. Encouraged by a softer yen, investors picked up beaten-down shares such as Honda.

State-owned Korea Development Bank said it had been given approval to sell up to 830 million dollars in 3-month bonds to the U.S. Federal Reserve. This is the first time a South Korean bank has been allowed to do so.

The yen edged down against the dollar but rose against the euro as Japanese investors sold overseas assets on global recession fears and the persistent market turmoil.

The euro hit a 2 and a half year low against the dollar, a day after the European Central Bank's president said the bank could cut rates at its next meeting on Nov. 6.

Oil fell for a third day, dropping almost 1 dollar to near a 17-month low as the unrelenting dive in Asian share markets underscored fears of a global recession.

The U.S. dollar's rise to another 2 and a half year high also weighed on oil prices, while traders set aside OPEC's decision last week to slash output by about 5 percent until they saw how quickly those cuts might take effect.

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