This Day On The Street
Continue to site
ADVERTISEMENT
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

Asian Stocks Sink As Global Economy Fears Rise

Chinese stocks are being hurt by a dispute between China and Japan over disputed islands that have heightened tensions between Asia's two biggest economies.

They're also under pressure as investors worry about what Chinese authorities will do to restart growth amid the country's economic slowdown. Wong said it's unlikely that Chinese authorities will unveil any major stimulus measures ahead of the National Day holiday next week or an expected but still unscheduled Communist Party meeting to hand over power to a new generation of leaders.

"This inaction by the Chinese government also weighs," Wong said.

Asian markets were also reacting to some downbeat economic reports released over the weekend. The U.S. Labor Department said that the unemployment rate rose in more than half of states last month, the latest evidence that hiring remains tepid across the world's biggest economy. The World Trade Organization, meanwhile, cut estimates for global trade growth for this year and next. Both reports came out on Friday after Asian markets closed.

In Tokyo, camera maker Canon Inc. slid 3.7 percent and global automaker Honda Motor Co. dropped 1.8 percent. Australian mining giant Rio Tinto Ltd. lost 2 percent.

In currencies, the euro weakened to $1.2910 from $1.2989 in late trading Friday while the dollar fell to 77.97 Japanese yen from 78.15 yen.

U.S. benchmark crude for October delivery was down 84 cents to $92.05 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 47 cents to settle at $92.89 on Friday.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs