Thursday November 19, 10:48 PM
STOCKS NEWS ASIA-Set for weak start on recovery concerns
MELBOURNE, Nov 20 (Reuters) - Asian stocks are seen trading
weaker on Friday after investors on Wall Steet reassessed
expectations for a rebound in global growth and technology stocks
slumped after a broker downgrade on semiconductor stocks.
Bank of America (NYSE: IKJ - news) -Merrill Lynch (NYSE: MER - news) cut its 2010 growth outlook for
the semiconductor industry on concerns about a rising inventory
glut. It downgraded 10 stocks, including Intel Corp (NASDAQ: INTC - news) ,
Texas Instruments Inc (NYSE: TXN - news) and Marvell Technology Corp. . For details, see
Investors were also uncertain over the path of recovery for
the global economy and were locking in some profits before the
end of the year.
The Standard & Poor's 500 Index slid 14.90 points, or
1.34 percent, to 1,094.90. The Nasdaq Composite Index
dropped 36.32 points, or 1.66 percent, to 2,156.82.
Japanese shares could slip again from Thursday's four-month
closing low, with the Nikkei (news) futures in Chicago trading
90 points below the closing level in Osaka.
Australian shares were set to open weaker, with share index
futures down 45.0 points lower at 4,707.0 points, a
discount of 42.2 points to the 4,749.2 close in the underlying
S&P/ASX 200 index on Thursday.
HEADLINES:
> U.S. regional factory activity, job market improve
> Dell (NASDAQ: DELL - news) results below Street view, shares fall
> Wall St sinks on tech and recovery concerns
> Chip stocks fall on downgrade, CEOs talk recovery
> Geithner, under fire, defends AIG bailout
> Time Warner (NYSE: TWX - news) 's AOL to cut one-third of workforce
> U.S. senators seek probe into China's yuan peg
> Oil falls more than $2 on equities, dollar
> Wall Street firms dip toe back in to talent pool
> U.S. Senate eyes first healthcare vote
> Karzai sworn in as Afghan leader; to fight graft
> U.S. warns Iran of consequences over standoff
--
KEY INDEXES pct change
Bank of New York Asia ADR index -2.69
Dow Jones Industrial Average -0.90
Nasdaq Composite Index -1.66
MSCI Asia Pacific ex-Japan -0.80
Nikkei futures in Chicago -2.72
Nikkei futures in Osaka -0.63
--
ASIAN ADR ACTION:
5 most actively traded: pct change
TSMC -3.34
Siliconware -3.81
UMC -5.80
Infosys Tech -2.11
SK Telecom (017670.KS - news) -0.92
Top 5 performers: pct change
Internet Initiative 1.27
Prana Biotech 1.23
China Mobile (0941.HK - news) 0.90
Genetic Tech 0.76
Lihir Gold (Munich: 897459 - news) 0.37
Bottom 5 performers: pct change
Novogen -5.81
BHP Billiton (LSE: BLT.L - news) -2.16
Alumina (Frankfurt: 164281 - news) -1.93
SMIC -1.56
Genetic Tech 0.76
--
TOP ASIA EVENTS:
For more Asian company earnings, see
TOKYO - Bank of Japan ends two-day policy board meeting,
to be followed by a news conference by BOJ Governor
Masaaki Shirakawa.
HONG KONG - Jia Sheng Hldgs Ltd H1 results
Sparkle Roll Group Ltd H1 results
Yueshou Environmental Hldgs Yr results
AUSTRALIA - Arrow Energy (AOF.V - news) annual meeting
(Reporting by Victoria Thieberger; editing by Jonathan Standing)
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