Market Report – Asia Tumbles

Today Asian shares followed Wall Steet down on renewed worries about recovery of the world economy and falling commodity prices.

Demand questions about China, the world’s biggest consumer of base metals, weighed on prices, while oil dropped below $67 a barrel.

Hong Kong’s Hang Seng index led regional markets lower with heavyweights HSBC and ChinaMobile the main drags.

Japanese exporters such as Honda were hurt as the yen rose to a 1 month high, while investors sold stocks fearing the pace of recovery is slowing.

After being slammed for lagging behind Toyota and Honda in eco technology, Nissan said it would produce over 100,000 electric cars annually within three years at a U.S. factory.

Nissan also declined sharply, as Japan’s No.3 automaker warned it had not seen a recovery in its main export markets.

Japan’s Seven and I Holdings slipped after Japan’s Fair Trade Commission ordered the company’s Seven Eleven convenience stores to stop pressuring outlets not to cut prices on goods nearing expiry dates.

(NTDTV)