Asian markets mostly dropped on Wednesday. Resources shares across the region were hit by falling metals prices. Japan's Nikkei 225 fell 1.5 per cent, South Korea's Kospi shed 1.0 per cent and Hong Kong's Hang Seng Index lost 0.8 per cent. The markets also weighed down by U.S. consumer confidence and German business sentiment. But China's Shanghai Composite rebounded 1.3 per cent as monetary tightening worries eased.
Daewoo International Corporation
Most asian markets were higher on hope of a rescue package for Greece yesterday. Japan's Nikkei index ended up 0.3%, and Hong Kong's Hang Seng Index added 0.7%. Both China's Shanghai Composite and Taiwan's Taiex climbed 1.1%. Japanese market is closed on Thursday for National Foundation Day, while Taiwan market is closed for Pre-Chinese New Year.
Wall Street shares on Thursday shrugged off the news of disappointing economic data and rebounded from early loss. US retail sales fell unexpectedly by 0.3 per cent in December, a poor sign for the holiday shopping season. The market rise was led by technology shares as investors were expecting strong numbers from Intel.
US stocks posted a strong gain overnight boosted by better-than-expected home sales. Existing-home sales increased by 10.1 per cent to a 6.1 million annual rate, from 5.54 million in September, the National Association of Realtors said. The US dollar was weaker on Monday on expectations that the interest rate would remain at near zero.
South Korea's trading firm Daewoo International Corp. (SEO:047050) will set up an affiliate in Australia this year to buy a 5% stake in a bituminous coal mine. The new entity, named Daewoo International Australia Holdings, will invest in the Narrabri coal mine owned by Australian mining company Whitehaven Coal Ltd.
US stocks fell for a second day on Thursday as investors worried over the key employment figures, which are scheduled to release on Friday. Most economists expect the data will show the unemployment rate climbed to 9.6 per cent, from a 26-year high of 9.5 per cent in June.
Overnight US stocks rallied and commodity gained after the Federal Reserve's chairman backed more government spending to help the economy and credit market conditions showed further signs of improvement.