Market Report – Asian Markets Pause

Asian stocks were down across the board after reaching 11-month highs.

Japan’s Nikkei slipped over 1 percent, after a rally that saw 40 percent gains since April.

Toyota shares dropped after the world’s biggest automaker improved its loss forecast but announced a third straight quarter in the red on Tuesday.

Hong Kong’s benchmark was lower, despite soaring shares in China Railways after a Goldman Sachs upgrade and talk of a $7.5 billion contract for a project in Venezuela.

Despite tough industry conditions, Asia’s No.4 air carrier, Cathay Pacific Airways, rose after posting a first-half net profit on gains from fuel hedging contracts.

Meanwhile, global miner BHP Billiton says Chinese iron ore stockpiles are receding to more normal levels after record imports this year.

And BHP executives dismissed concerns that shipments to China had dropped off in recent weeks in the wake of Chinese authorities‘ arrest of four Rio Tinto employees on allegations of espionage.

(NTDTV)