This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Asia: Financials Weigh on Market

Chinese property stocks, which have led a recent rally in the region after rate cutting by the U.S. Federal Reserve, also suffered the bloodbath.

Cheung Kong Holdings (CHEUY) fell 2.34%, to HK$142.10, while Sun Hung Kai Properties (SUHJY) lost 3.01%, to HK$12.26, and Hutchison Whampoa (HUWHY) shed 3.53%, to HK$86.15.

In telecoms, China Mobile (CHL) lost 3.8%, to HK$137.90, China Netcom (CN) fell back 2.9%, to HK$21.95, and China Unicom (CHU - Get Report) lost 1.7%, to HK$16.16.

In Japan, exports were hit hard, as the yen soared to its highest level in nearly 18 months. The yen was trading at 112.59 yen vs. dollars in Asian trading, up from yesterday's 113.95.

That's great news for the Currencyshares Japanese Yen Trust (FXY) ETF, which has been gaining this week as the yen has refused to slide vs. global currencies and the yen carry trade has been out of favor with Asian hedge funds.

Sony (SNE - Get Report) lost 2.35%, to 5,390 yen, while Canon (CAJ - Get Report) lost 1.04%, to 5,660 yen, and Nintendo (NTDOY) plunged 5.5%, to 63,800 yen.

Machine orders in Japan, which is a widely-used proxy for investment in the country, fell by 7.6% in September on the month, much weaker than the 1.5% decline expected by analysts.

This signals that the Bank of Japan may hold off raising Japanese interest rates even in the first quarter of 2008, as many widely expected, say regional economists.
2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FXY $90.34 0.10%
HBC $0.00 0.00%
CAJ $28.01 0.29%
CHU $11.33 -2.00%
CHL $55.62 -1.50%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs