HONG KONG (MarketWatch) -- Asian indexes ended sharply lower Monday, with banking and automotive shares leading decliners as oil stayed near record highs and investors fretted the global economy could be headed into another round of credit market turmoil.
Shares of Mitsubishi UFJ Financial Group (JP:8306: news, chart, profile) (MTU:mitsubishi ufj finl group in sponsored adr
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MTU 10.28, -0.43, -4.0%) led the retreat in the banking sector amid concern of further credit market turmoil after the Wall Street Journal reported Lehman Brothers Holdings Inc (LEH:Lehman Brothers Holdings Inc
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4:01pm 06/06/2008
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LEH 32.29, -1.56, -4.6%) is set to post a second-quarter loss of more than $2 billion, but is close to raising $5 billion in new capital. Shares of Mitsubishi UFJ fell 3.5%
"We have seen a return of risk aversion late last week. To my mind, the reaction to the [U.S.] unemployment rate increase was way overdone, but the oil price increase was a nasty surprise due to geopolitical factors which won't go away soon," wrote Uwe Parpart, chief Asia strategist for Cantor Fitzgerald in Hong Kong, in a research note Monday.
Japan's Nikkei 225 Average (JP:1804610: news, chart, profile) and the Topix index both closed 2.1% lower to 14,181.38 and 1,397.54 respectively.
India's Bombay Sensitive Index lead declines among regional market, plummeting 3.1% to 15,082.48.
South Korea's Kospi index shed 1.3%, Singapore's Straits Times index was off 2.2% and Taiwan's Weighted Price Index fell 1.8%.
Markets in Australia, China, Hong Kong and the Philippines were closed for public holidays.
The slump in Asia follows a punishing session for U.S. stocks Friday, as weak employment data and a surge in crude oil prices combined to lead the Dow Jones Industrial Average to its worst one-day decline in 15 months. Friday's U.S. labor report showed unemployment in May jumped to 5.5% from 5% in April.
In currencies, the yen was exchanged at 105.19 yen against the U.S. dollar, compared to 104.85 in New York late Friday.
In other regional action, New Zealand's NZX-50 gave up 1.4% and Malaysia's KLSE Composite shed 1.6%. Indonesia's Jakarta Composite fell 0.9% and Thailand's SET Index fell 1.2%.
Light, sweet crude oil for July delivery fell as much as 76 cents to $137.78 a barrel in electronic trading, after climbing nearly $11 a barrel to close at $138.54 Friday on the New York Mercantile Exchange. Friday's surge in oil prices was driven by heightened concerns that Israel may attack Iran, one of the world's biggest oil producers, and that a conflict could result in a blockade of the Straits of Hormuz, through which 20% of the world's crude oil passes each day.
In the auto sector decliners included Toyota Motor Corp. (TM:toyota motor corp sp adr rep2com
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4:02pm 06/06/2008
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TM 102.64, -4.10, -3.8%) (JP:7203: news, chart, profile) and Nissan Motor Corp. (JP:7201: news, chart, profile) (NSANY:nissan motors sponsored adr
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NSANY 17.71, -0.94, -5.0%) , whose shares fell 2.9% and 3.4% respectively.
Shares of South Korean technology companies traded mixed, with Samsung Electronics (SSNGY:SSNGY
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SSNGY, , ) retreating 3.2%, while Hynix Semiconductor (HXSCL:hynix semiconductor inc spons gdr 144a
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12:00am 06/06/2008
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HXSCL 30.58, 0.00, 0.0%) advanced 0.5%
Swimwear maker Goldwin Inc (JP:8111: news, chart, profile) saw its shares surge 21% after Japanese swimmer Kosuke Kitajima set a world record in the men's 200-meter breast stroke in a weekend competition. Kitajima is under contract to the firm as a brand representative and was wearing one of its swimsuits when he set the record.
Shares of battery maker GS Yuasa Corp. (JP:6674: news, chart, profile) (JP:6674: news, chart, profile) jumped 10.8% as investors bet higher oil prices would spur consumer demand for alternative-fuel vehicles. The firm makes lithium-ion batteries for electric cars and hybrids under a joint venture with Mitsubishi Motors Corp (JP:7211: news, chart, profile) .
Mitsui & Co.'s (JP:8031: news, chart, profile) shares fell 0.6% after the Nikkei newspaper reported the firm and Australia's Challenger Financial Services Group will invest 5 billion yen ($47.5 million) each into a fund that will invest in electrical power-generating stations and other infrastructure in emerging-market economies.
Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong.
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Comments: 62
All is going to be OK. First this news and then the important news
quote
The 2008 Bilderberg Meeting is now in full swing at the Westfields Marriott in Chantilly, Virginia, USA but you wouldn't know it from the media blackout of this event...
- JanPaul
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(62) - View Comments on this storyMore Asia Markets stories
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JesusIsLORD 3 hours ago Even (1 Up / 1 Dn)
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SentYupp folks, we're screwed here! I wish I had better short sale cost basis on my positions. Oh well!
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JesusIsLORD 3 hours ago +3 Votes (4 Up / 1 Dn)
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SentYou're right FDR. The PE is a joke too. Anyone ever notice how a seemingly "cheap" stock just gets more expensive? A-la LUCENT? Remember that little gem? I personally thought it was strange how a languishing AT*T would sell their crown jewel at such a time. Now we know. Cheap stocks get more expensive on the way down, because THERE'S NO STINKING EARNINGS!!!
RealityCheck 3 hours ago
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SentWhat's the correlation between your picture and you handle name?
JesusIsLORD 2 hours ago
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SentWell, Jesus is Lord of all. I refer you to : Luke 6:46 And why call ye me, Lord, Lord, and do not the things which I say?
I just used this image to take advantage of the red color and the visual. If you really knew me, you would understand better.
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ch1 1 hour ago +1 Vote (1 Up / 0 Dn)
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Sentehm.. not lord of *all* at all, i'd rather not see religious preferences displayed here, but maybe that's the atheist in me taking over again!
Chainsaw 1 hour ago
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Sentch1: On the other hand, as one who in fact does understand and submit to Luke 6:46, I also do join you in one aspect and cringe when I read certain things on these boards. The responsibility that one takes upon himself and the damage that he can unwittingly and inadvertently do to the cause of Christ by using His name inappropriately is rather frightening. I cease this discussion now and will not revisit it and I hope it will fade. I simply had to voice my great concern about how this Name is handled. For an atheist (and I once was a militant one myself), I thought you handled this with restraint.
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JesusIsLORD 3 hours ago +1 Vote (1 Up / 0 Dn)
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Sentnotice how MW doesn't comment about the other markets which are currently open? I should toggle over to BLOOMBERG to see the carnage.
AmericanPatriot 2 hours ago +2 Votes (2 Up / 0 Dn)
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SentFor some reason Bloomberg has substantial lag in reporting numbers on the foreign stock exchanges. Also their futures reporting is rather sketchy also with huge lags. One of the better futures sources (but which also has major lags) is:
http://www2.barchart.com/mktcom.asp?section=indices
CBOT used to have an excellent real-time futures market index up, but they took it down a few months ago. Does anyone have a real-time futures reporting link?
Bloomberg Futures (http://www.bloomberg.com/markets/stocks/futures.html) is reporting the DJIA will open up 21 and BarChart is reporting the DJIA will open up 16 points in the morning. If the futures numbers hold, the DJIA will likely open up on Monday.
law 1 hour ago +1 Vote (1 Up / 0 Dn)
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Senti warch tradestation and barchart and get calls from pals on globex and using mann
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leftcoastfool 1 hour ago +2 Votes (2 Up / 0 Dn)
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SentHoly Cr@p! thinkorswim is showing the DOW futures up 40 and the eMini S+P 500 futures up 6.00! Is this just a "relief rally" because Iran wasn't bombed over the weekend? It's been a gradual rise overnight, so NOT characteristic of the PPT which usually comes in hard between 2 and 3 eastern (had that happened I would have attributed it to pending bad news about Lehman). So WHO's so Bullish on the markets? And WHY???
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robberbaron 3 hours ago +3 Votes (4 Up / 1 Dn)
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SentThank you, and great advice.
JesusIsLORD 2 hours ago
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Sentgreat stuff there! LOL
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AmericanPatriot 2 hours ago +2 Votes (2 Up / 0 Dn)
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SentThe Nikkei 225 closed today (Monday) at 14,181.38 which was down - 308.06.
The official real-time source for Nikkei reporting is the Nikkei Net Interactive - Market Japan at http://www.nni.nikkei.co.jp/CF/FR/MKJ/ and they update by the minute for those wishing to follow Japan's moves without data lag.
oilnwater 2 hours ago
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Sentmeh, it's been up insanely for weeks now, so no big deal really.
AmericanPatriot 1 hour ago
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SentYep, it was all the way down to 11,750 earlier this year and now it closed at almost 14,200. The long term perspective is that it hit around 38,000 in the early 1990s and is now around one-third of its highest value. This is leaving aside the issue of inflation and the decline has spanned almost 20 years during which it has never even approached the prior highs.
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law 1 hour ago
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Sentwhat a rigged market in Japan........
AmericanPatriot 1 hour ago
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SentWhy do you say that?
At least to me the US markets seem far more manipulated than Japan overall. One interesting note to support your view is that every day the Nikkei Net Interactive sets a trading range on their chart and the market virtually never defies their bars. Some days the trading range is very narrow and some days it is very wide, but virtually never does the market move above or below the bars set on their chart at http://www.nni.nikkei.co.jp/CF/FR/MKJ/. Perhaps it is just that the power of suggestion works in most persuasive ways in Japan!
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angelsprite 13 minutes ago
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SentHas anyone else noticed that there seems to be some "important news" every Thursday or Friday regarding the oil supply, so that on the weekends it costs more to drive and on the weekdays the price drops a bit? It's intentional. It's worse than obvious. It happened last year too.
Also, anyone who has ANYTHING in this market right now is playing Russian roulette with 5 chambers loaded.
Good luck all.
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Wakeupamerica 9 minutes ago
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SentAll of the markets are rigged AND run by the MEGA rich and flow whatever way they want to sell or buy on a given day. So, unless you are a mind reader, you will only occasionally hit one out of the park.
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