Market Report: Asian Shares Tumble

Concerns about slumping corporate profits and an uncertain outlook for the global economy caused Asian markets to retreat from recent highs.

Panasonic shares slumped after forecasting a bigger-than-expected annual loss, as the global economic crisis cuts sales of flat screen TVs and digital cameras.

Investors are also reacting to deeper-than feared first quarter declines in Europe and the U.S., which signal that companies are still struggling with a slump in trade and demand.

Japanese exporters are also being hit by a rising yen as investors flee to the safe-haven currency.

Growing investor caution is affecting riskier assets such as oil and sliding metal prices caused Australian miners such as Rio Tinto to decline.

The exception is India, where markets surged after Saturday's clear election victory of the ruling coalition raising hopes of a stable government.

Category:

News & Politics

Tags:

• ntd
• market report
• asia shares
• money
• trade
• economy
• business
• stock
• oil
• inpex