Wall Street slumped sharply on Thursday after disappointing earnings reports and news of China's further tightening bank lending. The US dollar soared to one month high against a basket of currencies while investors shifted to haven.
Sumitomo Mitsui Financial Group, Inc.
Wall Street shares closed mixed as investors took a breather after the new year's rally and turned cautious ahead of the payroll and employment data due on Friday. Yesterday Asian shares ended mostly higher following the good performance in Wall Street. Hong Kong's Hang Seng Index was 2.1 per cent higher while Shanghai Composite added 1.2 per cent.
Daiwa Securities Group Inc. (TYO:8601) will invest in China through its affiliate, jointly with a Chinese state-run investment entity, to buy stakes in inland Chinese businesses.
Asian markets fell yesterday as investors remained sceptical and worried the deteriorating economy would not receive immediate help from the US stimulus plan. Tokyo stocks dropped 3%, led mostly by banks and exporters, as trading resumed after a holiday. Hong Kong's Hang Seng Index fell 2.3%, while Shanghai Composite lost 0.6%. The major indexes in Asia are likely to remain on a downward trend today.