Asian shares mostly declined yesterday on uncertainty about the sovereign debt issue in Greece, Spain and Portugal. Japan's Nikkei stock average sank 1.1 percent to a two-month low at the close. South Korea's Kospi fell 0.9%, while Hong Kong's Heng Seng Index lost 0.6%. But Singapore's Straits Times Index gained 0.4.
The Australian sharemarket posted a sharp loss for second straight day to a one-month closing low on Friday. The market pressured by worries about a slowdown in China and concerns over U.S. President Barack Obama's proposed stricter regulations on banks. At the close, the benchmark S&P/ASX200 index and the broader All Ordinaries index both tumbled 1.6 per cent. For the week, the ASX 200 fell 3.2 per cent, its worst weekly return in 12 weeks.
Wall Street delivered a bad lead to Asian market today. US stocks plunged overnight as financials tumbled after President Barack Obama proposed stricter limits on financial institutions' risk-taking. Obama's plan will prevent financial institutions that own banks from investing in, owning or sponsoring a hedge fund or private equity fund.
The Australian sharemarket closed slightly higher on Wednesday. Most of the early gains boosted by BHP Billiton's report of strong half-year production were offset by the losses after news that some Chinese banks have received verbal orders to stop lending for the rest of this month. At the close, the benchmark S&P/ASX200 index added 7 points, or 0.1 per cent, at 4868.2, while the broader All Ordinaries index gained 5.5 points, or 0.1 per cent, to 4895.1.
Overnight US shares was lower on the disappointing Alcoa fourth-quarter report and profit warning from Chevron and Electronic Arts. Financial sector also fell as investors feared that a potential government levy might hurt bank profits.
Australian stocks declined yesterday on profit taking selling after US aluminium giant Alcoa reported its fourth quarter earnings result, which missed the market expectations. The resources sector drove the local shares lower. The benchmark S&P/ASX200 index closed down 51.2 points, or 1.03 per cent, at 4,899.5 points, while the broader All Ordinaries index lost 49.6 points, or one per cent, to 4,931.6 points.
US stocks was slightly higher on Friday, hitting at least 15-month closing highs despite a bigger-than-expected job loss data. US dollar was lowered on the disappointing payroll data. This week the US firms, which are widely expected to show significant improvement compared to the corresponding period last year, will kick off the quarterly earnings reporting season.
