Market Report – Asia Slides to 3 Week Lows

In today’s market report… most Asian markets slid to three-week lows today. Hardest hit were Chinese stocks, which fell over four percent, a new 2-month low.

In Japan, the Nikkei declined, hurt by weakness in retailers and real estate.

Sanyo Electric surged as much as 17 percent after reports it will sell batteries for Toyota’s hybrid cars.

Toyota and car industry peers edged higher because the Prius was Japan’s top seller in July for the second straight month.

In Australia, flag carrier Qantas posted a half-year loss for the first time in six years. It still ended higher but offered a cautious outlook as the industry battles the worst recession in decades.

And shares in China’s top oil company Petrochina were down after it signed a $41 billion liquified gas agreement with Exxon Mobil Tuesday. It’s the biggest trade deal between Australia and China, but coming at a time of heated diplomatic and business discussion.

(NTDTV)