Market Report – Asia Edges Up

In today’s Market Report… Asian stocks inched up from one-month lows, but investors remained cautious ahead of a Federal Reserve meeting and likely comments on the market.

Energy and resource-linked stocks were in favor after a crude price surge overnight, but oil declined slightly.

Regional markets largely shrugged off Japanese data showing exports dropping over 40 percent in May, while the Taiwanese share index soared on hopes of a much-expected financial agreement with China in July.

The discovery of an iron ore deposit in China boosted steel stocks, with an official saying it could potentially be the biggest mine in the world.

The mine will need $366 million in investment and will be 20 percent owned by Benxi Iron & Steel Group.

The find comes as China rejects charges that its restrictions on raw materials exports violate international trade rules.

Europe and the U.S. have complained to the World Trade Organization that Beijing continues to restrict materials needed in steel, cars, microchips and other products, making foreign producers of these items more expensive than their Chinese counterparts.

(NTDTV)