Market Report - Asians Eye Dollar Value

WONG:
Asian investors eyed a sharp rise in the U.S. dollar on Tuesday. The greenback gained as worries about a sharp global slowdown hurt many Asian currencies. Gold prices fell to their lowest level this year as investors sold most commodities.

Japanese inflation data spread some gloom. Wholesale prices hit 7.1 percent in the world's number two economy. A 27 year high on the back of high commodity costs, such as the price of oil.

In China signs that inflation may be peaking with consumer inflation tapping a 10-month low. Falling food prices are helping to curtail inflation in China but economists warn high production costs could push inflation up again soon.

The Beijing Olympics have put the brighter side of China's potential in the spotlight but some expect companies to suffer once the games are over. Telecom giant China Mobile fell sharply in Hong Kong trade with investors fretting about the company's earnings growth. And in Shanghai the stock index fell to a 19-month low on concerns about the outlook for company profits.

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