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Monday, 30 March 2009 09:44:45 GMT
Written by David Song, Analyst, Geng Chen, CFDtrading.com
Full Article
Asian stocks fell for the first time in six days, which led the Nikkei to pare its largest monthly gain since 1995, as U.S. Treasury Secretary Timothy Geithner said some banks will need “large amounts” of government aid to weather the economic downturn.
Asia Session Key Developments
· Deutsche Bank cuts BHP’s rating to hold from buy
· Falling commodity prices drag on the Asian equities market
Asian Equities Tumble Lower as Treasury’s Geithner Says Bank’s Will Need “Large Amounts” of Government Aid
NKY 225 8236.08
Japanese stocks dropped the most in more than two months on fear of corporate failures. The Nikkei 225 Stock Average dropped 390.89 points, or 4.53% to end the session at 8236.08, with all of the components falling lower. Mitsui Fudosan Co., Japan’s largest real estate developer, plunged 9.2% after small rival Azel Corp. went bankrupt, while Mizuho Financial Group Inc, Japan’s second largest listed bank, lost 8.8% as Goldman Sachs Group recommended selling the stock.
HSI 13456.33
Stocks in Hong Kong plunged lower to post the biggest decline since March 9th, which was led by a 7.2% drop in basic materials as crude oil prices dropped more than 3% to hold just above $50/bbl. The Hang Seng Index slipped 663.17 points, or 4.70% to close at 13456.33. China Construction Bank Corp. the world’s second largest lender by market value, lost 9.6% after reporting a slump in 4Q profit, while Aluminum Corp. of China Ltd, the nation’s biggest producer of the metal, dropped 12% after saying it would be unprofitable in the 1Q.
ASX 200 3604.40
The Australian benchmark index dropped 67.90 points, or 1.85% to 3604.40 at the close in Sydney, which is the biggest decline since March 2. The details of the index showed 9 of 10 components closed lower, led by a 3.52% decline in the energy sector and a 3.12% drop in basic materials. Woodside Petroleum Ltd, Australia’s second largest oil and gas producer, fell 4.4% as crude oil prices continued to slide lower, while BHP Billiton Ltd, the world’s largest mining company, lost 4.3% after Deutsche Bank cut its rating to hold from buy.
Notable Asian Session Event Risk / Economic Releases
CFDTrading provides news on the economic reports and political events that influence the CFD traders.
Written by David Song, Analyst, Geng Chen, CFDtrading.com
Full Article
Asian stocks fell for the first time in six days, which led the Nikkei to pare its largest monthly gain since 1995, as U.S. Treasury Secretary Timothy Geithner said some banks will need “large amounts” of government aid to weather the economic downturn.
Asia Session Key Developments
· Deutsche Bank cuts BHP’s rating to hold from buy
· Falling commodity prices drag on the Asian equities market
Asian Equities Tumble Lower as Treasury’s Geithner Says Bank’s Will Need “Large Amounts” of Government Aid
NKY 225 8236.08
Japanese stocks dropped the most in more than two months on fear of corporate failures. The Nikkei 225 Stock Average dropped 390.89 points, or 4.53% to end the session at 8236.08, with all of the components falling lower. Mitsui Fudosan Co., Japan’s largest real estate developer, plunged 9.2% after small rival Azel Corp. went bankrupt, while Mizuho Financial Group Inc, Japan’s second largest listed bank, lost 8.8% as Goldman Sachs Group recommended selling the stock.
HSI 13456.33
Stocks in Hong Kong plunged lower to post the biggest decline since March 9th, which was led by a 7.2% drop in basic materials as crude oil prices dropped more than 3% to hold just above $50/bbl. The Hang Seng Index slipped 663.17 points, or 4.70% to close at 13456.33. China Construction Bank Corp. the world’s second largest lender by market value, lost 9.6% after reporting a slump in 4Q profit, while Aluminum Corp. of China Ltd, the nation’s biggest producer of the metal, dropped 12% after saying it would be unprofitable in the 1Q.
ASX 200 3604.40
The Australian benchmark index dropped 67.90 points, or 1.85% to 3604.40 at the close in Sydney, which is the biggest decline since March 2. The details of the index showed 9 of 10 components closed lower, led by a 3.52% decline in the energy sector and a 3.12% drop in basic materials. Woodside Petroleum Ltd, Australia’s second largest oil and gas producer, fell 4.4% as crude oil prices continued to slide lower, while BHP Billiton Ltd, the world’s largest mining company, lost 4.3% after Deutsche Bank cut its rating to hold from buy.
Notable Asian Session Event Risk / Economic Releases
CFDTrading provides news on the economic reports and political events that influence the CFD traders.
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