Market Report - Global Woes Hurt Asian Markets

CHAN:
And in today's NTD Market Report... growing economic pessimism weighed on Asian investor confidence Friday, but market players looked at exporting companies as local currencies eased in
value.

The Japanese government says the country may already be in recession, while the European Central Bank also said a slowdown may be ahead. Banks again were the source of Japanese investor concern on ideas loan demand will fall, while shipping companies around Asia were expected to lose business.

Carmaker Toyota was a rare bright spot, rising after the world's No. 1 automaker stuck to a profit forecast despite a sharp fall in quarterly profit.

The yen's easing against the U.S. dollar provided support for exporters, whose earnings rise when they bring back profits to Japan.

Elsewhere, crude's move to near $120 a barrel spooked energy-linked firms and airlines, while Chinese markets were flat ahead of the opening of the Olympics.

Many China-related businesses cannot wait for the Games to end, so that disruptions ranging from bans on shipping certain goods to shutdowns of some factories will be over.

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News & Politics

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