Market Report – Asia Slips over U.S. Economy Concerns

In today’s market report… Asian stocks slipped as investor unease over the U.S. economy outweighed firm corporate earnings in Asia.

The yen rose to near a 7-and-a-half month high, hitting exporter stocks. That was after U.S. Federal Reserve Chairman Ben Bernanke gave somewhat downbeat comments about the U.S. recovery.

Caution also reigned ahead of Europe’s bank stress test results.

The Nikkei lost ground for a fifth straight day.

Meanwhile, strong demand for electronic gadgets in the first half saw a record quarter for Korean chipmaker Hynix and strong earnings for LG Display. But both stocks led declines in Seoul’s KOSPI amid continuing worries about consumer technology demand.

And finally, Australia’s benchmark index closed lower, led by a drop in banking stocks.

A National Australia Bank survey showed business confidence dipping slightly in the second quarter, but business investment plans remained strong as the country heads into a general election next month.

Foto: NTDTV