Market Report - Oil Up, Asian Stocks Down

Asian shares eased as oil rose above 116 dollars a barrel Monday, as a quarter of U.S. crude production was shuttered because of Hurricane Gustav. (PRON GOO STAHF)

Japan's benchmark Nikkei fell with exporters like Honda the biggest loser, while Asia-Pacific stocks were down 2 percent. Shares in LG Electronics, the world's No.4 handset maker, tumbled on worries about its second-half outlook and handset sales, which analysts said could fail to meet expectations.

The Korean index hit its lowest in 17 months, falling by a third since May, with chip giant Hynix sliding Monday.

In Hong Kong, PC maker Lenovo tumbled after rival Dell warned that companies worldwide were cutting technology spending.

The U.S. dollar rose against major currencies, extending last month's rally, the biggest in more than a decade. The dollar's gains came despite oil also rising, showing the crude market's focus on Gustav.

Category:

News & Politics

Tags:

• ntd
• Market
• Report
• Oil
• Asian
• Stocks
• Gustav
• Lenovo
• Hynix
• LG
• Electronics
• Nikkei

[Spyneshank]

About time the dollar earned back its value. It will rise again for at least another 3 months before evening out

[abarzilai664]

The dollar may have rose but don't start packing for Paris yet.