Market Report - Asian Shares Slide

Asian stocks slid today, snapping a five-day rally. It comes as concerns about the health of U.S. banks resurfaced, while expectations that Australian rates would not fall much further kept the Australian dollar steady.

Japan's Nikkei edged down 0.3 percent, snapping a four-day streak of gains, with financial shares such as Mitsubishi UFJ losing the most.

Australia's central bank surprised some in the market by cutting rates by a quarter point, disappointing some who had thought recent data warranted a more aggressive move.

The Bank of Japan unveiled further steps to ease credit strains.

The yen and the dollar climbed as well.

Category:

News & Politics

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