Thursday July 9, 01:00 AM
STOCKS NEWS ASIA-Stocks to falter on economic uncertainty
WELLINGTON, July 9 (Reuters) - Asian stocks are likely to
make a weak start on Thursday amid caution over the prospects for
a global economic turnaround, with leaders of the richest nations
warning of risks ahead.
The main U.S. share indices rose no more than 0.2 percent,
though found some support among investors betting that the
upcoming corporate earnings season would provide signs the worst
of the recession was over.
However, British and European shares fell on weakness in
banks and energy stocks.
Leaders from the Group of Eight (G8) nations said the world
economy still faced serious risks and it was too soon to unwind
stimulus packages designed to help developed economies emerge
from the recession.
The latest forecast from the International Monetary Fund
predicted the global contraction would be worse in 2009, but
growth would be higher in 2010.
Japanese shares are set to ease, with Nikkei (news) futures traded
in Chicago 65 points below the last closing level in
Osaka.
Australian markets are also seen starting lower, with
September index futures at 3,721, a 46.9 point discount
to the underlying S&P/ASX 200 index's close on Wednesday.
Rising risk aversion saw the yen gain strongly against
the U.S. dollar and the euro.
Oil prices continued their recent slide, falling below $61 a
barrel after a U.S. government report showing distillate stocks
have risen to near a 25-year high.
HEADLINES:
> Alcoa (NYSE: AA - news) 's quarterly loss smaller than expected
> US picks 9 fund managers for toxic securities plan
> Yen soars; risk aversion rises on economic worries
> Judge asks if US govt would shut UBS (Virt-X: UBSN.VX - news) in tax fight
> Dow, Nasdaq (NASDAQ: news) squeeze out gains before Alcoa results
> G8 sees economy still in peril, falters on climate
> EMC (NYSE: EMC - news) wins war for Data Domain as NetApp drops out
> Republicans: U.S. healthcare timetable may slip
> Oil falls 4 pct on EIA report, economic doubts
> China holds Rio exec; iron ore deal in doubt
> US SEC top examiner Richards to leave agency
> Google (NASDAQ: GOOG - news) takes aim at Microsoft (NASDAQ: MSFT - news) with new PC platform
> M'bishi Motors, Peugeot (Paris: FR0000121501 - news) to develop hybrids -Nikkei
> Foreign shares fall on recovery worry
--
KEY INDEXES pct change
Bank of New York Asia ADR index -0.64
Dow Jones Industrial Average +0.18
Nasdaq Composite Index +0.06
MSCI Asia Pacific ex-Japan -1.22
Nikkei futures in Chicago 9,345
Nikkei futures in Osaka 9,410
--
ASIAN ADR ACTION:
5 most actively traded: pct change
TSMC -0.22
Infosys Tech -2.75
Siliconware -0.48
UMC 2.36
BHP Billiton (LSE: BLT.L - news) 1.27
Top 5 performers: pct change
Novogen 30.74
Internet Initiative 22.62
Genetic Tech 6.57
China Unicom (0762.HK - news) 4.35
Alumina (Frankfurt: 164281 - news) 3.46
Bottom 5 performers: pct change
Mahanagar Tel -8.05
Prana Biotech -7.49
Tata Motors -6.94
ICICI Bank -6.67
Yanzhou Coal -5.17
--
TOP ASIA EVENTS:
For more Asian company earnings, see
JAPAN - Tokyo Electron April-June preliminary
orders
- Fast Retailing Q3 results
AUSTRALIA - June employment data
TAIWAN - UMC reports June sales
STH KOREA - Bank of Korea monthly rate-setting meeting
- June producer price index
(Reporting by Adrian Bathgate)
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