Market Report – Nikkei Drops to 8 Week Low

Concerns about company earnings weighed on Asian stocks today, while oil prices dropped to a near a six-week low as faith in a rapid economic recovery fade.

Japan’s Nikkei fell for a ninth straight session despite Kirin soaring on merger talks with unlisted Japanese brewer Suntory.

The merger would create one of the world’s largest food and beverage firms with $41 billion in sales.

In China, No.3 carrier China Eastern will acquire Shanghai Airlines via a share swap, raising over $1 billion by selling shares to select investors in Shanghai and Hong Kong.

Chinese steelmaker Baosteel has lifted prices for major products by up to 13 percent. That suggests the giant may have agreed to price cuts that Rio Tinto and Japanese steel mills signed.

In Taiwan, electronics giant Flextronics will quadruple its notebook PC workforce to grab a piece of the fast-growing global notebook market.

And finally in South Korea, LG Electronics is launching an online store with an initial focus on Asia. It’s part of an effort to try to match the success of Apple’s App Store allowing the download of software and content.

(NTDTV)