Market Report – Asia Shares Down on Economic Doubts

Today fresh doubts about the speed of a global economic recovery helped to push Asian share markets lower.

Talk of a new U.S. stimulus plan strengthened the yen, hurting Japanese exporters like Honda, while a record drop in Japanese machinery orders hit manufacturers like Komatsu, sending the Nikkei to a 6-week low.

Sony dipped with the yen’s rise, after its CEO brushed off concerns that its PlayStation 3 game console is too expensive in the current economic environment.

Oil prices eased towards $62 per barrel, down over $11 in a week.

As consumers battle with oil-price uncertainty, carmaker Hyundai launched its first fuel-saving hybrid in the domestic market.

The Elantra LPI uses liquified gas and lithium batteries and aims to compete with Toyota and Honda, whose low-priced hybrids lead the market.

Meanwhile in Australia, the government is pressing China to explain the surprise detention of four Rio Tinto staff.

Reasons for the detentions are unclear, but the move follows the failure of a recent huge Chinese investment in Rio, which is locked in difficult price talks with China’s huge steel sector.

(NTDTV)