Market Report - Markets Eye Oil, Weak Economies

CHAN:
Asia stocks were mostly lower on Thursday with investors continuing to weigh signs of a weak global economy.

China Mobile was a major loser in Hong Kong. One investment bank downgraded the shares to underweight citing a tougher industry landscape ahead for the nation's number one mobile phone carrier.

Earlier this week China Mobile posted a 51 percent rise in profits but the company now faces increasing competition on its home soil.

Esprit plummeted after posting disappointing earnings. The world's fifth largest fashion retailer missed earnings forecasts and cautioned investors about tougher times ahead.

High fuel prices and a credit crunch are being felt at Japan's Toyota. The world's most profitable carmaker cut its sales forecast for by 7 percent. It expects to sell 9.7 million vehicles next year. Toyota says it's aiming to shift towards making more fuel efficient cars, especially in the United States.

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News & Politics

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