Business Update:Asian markets slide

Discussion in 'Growing and Managing a Business' started by irahat, Oct 29, 2009.

  1. irahat

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    Oct 7, 2009
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    Asian shares fell Thursday after an unexpected drop in U.S. home sales last month restarted worries about global growth and prompted a shift away from riskier assets.

    Worries about the world's biggest economy lifted the yen against the dollar, helping to send the Nikkei below the psychological 10,000 for the first time in three weeks, as exporters like Honda Motor declined.

    Seoul's KOSPI index fell to a near two-month low as steel giant POSCO declined.

    In Australia, resource shares like top miner Rio Tinto declined on falls in commodities prices.

    Rio is reportedly looking to mend relations with Chinese metals firm Chinalco by making a joint investment in a Mongolian copper-gold mine project.

    The two firms had a falling out in June when Rio walked away from a proposed $19.5 billion equity tie up with the Chinese company.

    Elsewhere, China's Geely Automobile shares rose, even as the broader market slipped, after its parent was named by Ford as the preferred bidder for its Volvo car unit.

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