Market Report - Asia Shares Edge Up, Qantas Soars

ANCHOR:
Most Asian share markets crawled higher today, although regional automakers remain under pressure as global demand tumbles.

Japan's Honda Motor fell amid reports it will scale down its overseas expansion plans in the U.S., India and Turkey.

Hyundai Motors says it will cut output at most overseas factories, hit by plunging U.S. and global sales.

Industry-wide U.S. sales in November fell for the 13th straight month to a 26-year low.

On the plus side, shares of Australian flag carrier Qantas jumped after the government left the doors open to a possible $5.9 billion merger with British Airways.

BA is already in merger talks with Spain's Iberia, and adding Qantas would create the world's biggest airline.

Still, economic fundamentals in the region remain weak, with Australian growth at its slowest pace in eight years.

Ahead of meetings of both the European Central Bank and Bank of England, the euro and sterling eased on expectations of hefty rate cuts.

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