Asian Markets Report – Markets Largely Unchanged

Asian markets didn’t have any drastic changes. For the most part nervous investors cashed in on recent gains while awaiting July U.S. jobs data due later today.

A sharp drop in U.S. weekly jobless claims has raised hopes of a recovery, but corporate earnings‘ reports out of Asia continue to highlight the extent of global recession.

Shares in Japanese electronics maker Pioneer dropped after posting a quarterly loss, while office equipment maker Konica Minolta tumbled.

But a surprise earnings report from Toray Industries pushed the Nikkei out of negative territory to a 10-month close high.

Elsewhere, index heavyweight China Mobile couldn’t lift Hong Kong’s Hang Seng out of the red, despite its stock soaring on mounting speculation of a Shanghai listing.

Meanwhile, shares in GOME plummeted on reports that assets of its former chairman, currently under investigation for alleged economic crimes, had been frozen.

The electric appliance retailer, dubbed „China’s Best Buy“, said in a statement it had not been approached by regulators.

Finally, in Australia top miners BHP Billiton and Rio Tinto declined with metals prices, which analysts say could see more decline if doubts about global recovery grow further.

(NTDTV)