Asian shares fell, led by Sony Corp and BHP Billiton Ltd, on concern figures this week would show a drop in US home sales, signaling declining demand in the region's largest export market.
"Stocks globally take a fall every time there's more bad news on US housing-related or lending data because there's a threat that this may spill over into other parts of the economy," said Eric Betts, a strategist at Nomura Australia Ltd in Sydney. "This wouldn't be good for companies that depend on the US consumer."
rate increase?
Citic Securities Co (
Japan's Nikkei 225 Stock Average lost 0.56 percent to 18,087.48. Hong Kong's Hang Seng Index closed down 0.81 percent at 21,822.35. South Korea's KOSPI index fell 0.75 percent at 1,757.73, while Australia's key S&P/ASX 200 dropped 0.83 percent at 6,329.7.
Taiwan, Thailand and Pakistan were the only other markets in the region to rise.
US stocks dropped last Friday, sending the Standard & Poor's 500 Index to its worst week since early March. The near collapse of a Bear Stearns Cos hedge fund spurred speculation investors will have to write down the value of securities containing subprime mortgages.
decliners
Sony, the world's biggest maker of game consoles, fell 1.4 percent to ?6,460. BHP Billiton, the biggest mining company, lost 1.2 percent to A$34.94. Hynix Semiconductor Inc, the world's second-largest memory chipmaker, dropped 2.9 percent to 33,700 won. Citic Securities, China's biggest publicly traded brokerage, lost 4.6 percent to 55.55 yuan.
But China's defense-related stocks surged yesterday amid reports the government would push ahead with shareholding reforms that allow limited foreign investment in China's weapons makers.
China's Cabinet, or the State Council, the Commission of Science Technology & Industry for National Defense (COSTIND), the economic planning agency and the agency in charge of state assets agreed to push ahead with the reforms, COSTIND said in a statement on its Web site.
advancers
Hafei Aviation Industry's (
Makers of strategically sensitive weapons involving state secrets are excluded from the reforms, the statement said.
It said weapons makers should set up modern corporate management systems, establish boards of directors and restructure their businesses, the statement said.
The rules "encourage investment by domestic companies and, under conditions, allow foreign capital to participate in the shareholding reforms," it said.
DETERRENCE: With 1,000 indigenous Hsiung Feng II and III missiles and 400 Harpoon missiles, the nation would boast the highest anti-ship missile density in the world With Taiwan wrapping up mass production of Hsiung Feng II and III missiles by December and an influx of Harpoon missiles from the US, Taiwan would have the highest density of anti-ship missiles in the world, a source said yesterday. Taiwan is to wrap up mass production of the indigenous anti-ship missiles by the end of year, as the Chungshan Institute of Science and Technology has been meeting production targets ahead of schedule, a defense official with knowledge of the matter said. Combined with the 400 Harpoon anti-ship missiles Taiwan expects to receive from the US by 2028, the nation would have
POSSIBILITIES EMERGE: With Taiwan’s victory and Japan’s narrow win over Australia, Taiwan now have a chance to advance if South Korea also beat the Aussies Taiwan has high hopes that the national baseball team would advance to the World Baseball Classic (WBC) quarter-finals after clinching a crucial 5-4 victory over South Korea in a nail-biting extra-inning game at the Tokyo Dome yesterday. Boosted by three home runs — two solo shots by Yu Chang (張育成) and Cheng Tsung-che (鄭宗哲) and a two-run homer by Stuart Fairchild — the triumph gave Taiwan a much-needed second victory in the five-team Pool C, where only the top two finishers would advance to the knockout stage in Miami, Florida. Entering extra innings with the game tied at four apiece, Taiwan scored
MISSION OF PEACE: The foreign minister urged Beijing to respect Taiwan’s existence as an independent nation, and work together to ensure peace and stability in the region Minister of Foreign Affairs Lin Chia-lung (林佳龍) yesterday rejected Chinese Minister of Foreign Affairs Wang Yi’s (王毅) comments about Taiwan, criticizing China as a “troublemaker” in the international community and a disruptor of cross-strait peace. Speaking at a news conference on the sidelines of the Chinese National People’s Congress, Wang said that Taiwan has always been a territory of China and that it would be impossible for it to become its own country. The “return” of Taiwan to China was the natural outcome of the Chinese people’s resistance against Japan in World War II, and that any pursuit of independence was “doomed
‘UNWAVERING FRIENDSHIP’: A representative of a Japanese group that co-organized a memorial, said he hopes Japanese never forget Taiwan’s kindness President William Lai (賴清德) yesterday marked the 15th anniversary of the Tohoku earthquake and tsunami, urging continued cooperation between Taiwan and Japan on disaster prevention and humanitarian assistance. Lai wrote on social media that Taiwan and Japan have always helped each other in the aftermath of major disasters. The magnitude 9 earthquake struck northeastern Japan on March 11, 2011, triggering a massive tsunami that claimed more than 19,000 lives, according to data from Japanese authorities. Following the disaster, Taiwan donated more than US$240 million in aid, making it one of the largest contributors of financial assistance to Japan. In addition to cash donations and
RSS