Fear of Subprime Losses in Japan

Market Update Analysis:

Author: 123jump.com Staff
123jump.com
Last Update: 8:20 AM EST March 05 2008

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Capital spending in the fourth quarter declined 7.3% as businesses curtailed their budget. The higher than expected decline in spending and rising worries related to subprime losses in Japan dragged market averages lower. Nikkei 225 index declined 0.16% or 20.22 to 12,972.06. Of the index stocks, 124 stocks declined and 89 gained. Marubeni led the gainers in the index with a rise of 8.5% and Okuma Corp led the decliners with a loss of 4.6%.

AFP news reported Toyota spokeswoman Kayo Doi said today Toyota Motor Corp. is mulling entering the aircraft industry through investing in Mitsubishi Heavy Industries passenger jet project. The carmaker will inject 10 billion yen in the venture to be set up in April.

Asian Markets Indexes

In Tokyo Nikkei 225 Index closed lower 20.22 or 0.16% to 12,972.06, in Hong Kong Hang Seng index decreased 5.53 or 0.02% closed to 23,114.34. Australia ASX 200 index decreased 3.70 or 0.07% to close 5,376.60.

In South Korea Kospi Index increased 0.92 or 0.05% to close at 1,677.10, in Thailand SET index closed lower 6.43 or 0.77% to 824.98 and Indonesia JSE Index edged increased 4.90 or 0.19% to 2,639.65. Sensex index in India increased 202.19 or 1.24% to 16,542.08.

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