NTDTV
Market Report – Asia Slides on Recession Fears
(NTDTV)
Asian stocks slid after U.S. consumer confidence slid, casting doubts about the pace of the global economic recovery.
But on a bright note data shows Japan’s economy is the third G7 country to pull out of recession.
Oil and copper prices were done, which were on the rise fueled by optimism the global economy was on its way to recovery.
Shares in upstart Australian miner Fortescue rose. It comes after it broke ranks with bigger rivals to agree slightly cheaper iron ore prices with Chinese steel mills. That deal was made in exchange for up to $6 billion in funding.
A strong yen hurt exporters like Honda, helping to push Japan’s Nikkei to a two-week closing low after its rise to 10-month highs last week.
China stocks fell to a 7-week low as investors worried a rally there was overly ambitious.
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