Asia Slides Lower on Sentiment and Storms

Other Japanese exporters did not fare so well. Canon(CAJ Quote - Cramer on CAJ - Stock Picks) dipped 1.9%, to 4690 yen, and Sony(SNE Quote - Cramer on SNE - Stock Picks) declined 1.2%, to 5040 yen.

Some analysts speculate that the worst may still be ahead for Asian electronics makers. Citigroup analyst Kirk Yang in Hong Kong has cut his earnings forecasts for Asian PC manufacturers by 19% for 2008, he writes in a research report issued this morning.

"Although Asia companies have not reported any order cancellations yet, we believe it is unavoidable, given the global economic slowdown," Yang writes.

In other Asian news, some pockets of the region are fighting a growing bird flu epidemic. In Indonesia Tuesday, the flu claimed the 101st victim, and the seventh so far this year, the health ministry reported today. In India, workers sprayed villages with disinfectants Wednesday, as the flu has reportedly spread to 13 out of 19 districts in West Bengal. Health scares are not said to have affected stock market indices so far, however.

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