Overnight US stocks broadly declined after new figures from the Federal Reserve showed that consumer credit dropped unexpectedly in February. The sharp plunge in consumer credit was an indication that households are still in a cautious frame of mind despite U.S. economic recovery. Asian markets opened lower this morning following the drops in Wall Street. But Wednesday most Asian stocks gained, helped by stronger oil prices and upbeat corporate earnings. Hong Kong's Hang Seng surged 1.8 per cent, while China's Shanghai Composite fell 0.3 per cent as real estate shares were hurt by fears of further measures to cool the property market. Japan's Nikkei 225 posted a 0.1 per cent rise and South Korea's Kospi Composite finished nearly unchanged.
Company News
South Korea's Ssangyong Motor (
Singapore developer Keppel Land (SIN:K17) said almost all the rental space available under the first phase at the Marina Bay Financial Centre has been taken up ahead of completion. This could be a signal of strong demand in Singapore property market. The project, scheduled to complete in 2012, is Singapore's first mixed-use development that integrates residential, business, retail and entertainment facilities.
Japan's Osaka Gas Co. (
Air China Ltd. (
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