Market Report – Asian Stocks Retreat

In today’s Market Report… Asian stocks retreated from 13-month highs while commodity prices dipped. It came after U.S. data gave a conflicting picture of the strength of recovery from the global recession.

Japanese shares declined slightly ahead of a 5-day holiday, as investors took profits after a recent run up and sold shares of yen-exposed exporters. Currency-watchers say a brief respite in U.S. dollar weakness likely would not be sustained, and the yen could fall below 90 per dollar.

Japanese financial stocks fell after a Japanese consumer finance firm asked for its debt repayments to be rescheduled. It came after the nation’s new banking minister said he would like to introduce a moratorium on some loan repayments by small firms.

Commodity-linked stocks like mining giant BHP Billiton declined after a mild dip in metals prices, while oil also edged lower.

Gainers included Taiwan’s share benchmark, which rose to a near 15-month closing high, and Seoul’s KOSPI, which will have FTSE developed market status starting Monday.

(NTDTV)