Posted on 10/26/2009 9:46:02 PM PDT by blam
Asia Shares Dip, Weak Oil Hits Resource Firms
On 12:23 am EDT, Tuesday October 27, 2009
By Susan Fenton
HONG KONG (Reuters) - Asian shares followed Wall Street lower on Tuesday with resources stocks under pressure as the price of oil stayed below $79 and with investors growing increasingly worried about the recovery of the world economy.
Japan's Nikkei index (Osaka:^N225 - News) was down 1.3 percent with shares in Mitsubishi (Tokyo:8058.T - News) skidding 4.3 percent as trading houses were hurt by lower oil and commodity prices in the past day.
Oil was at $78.78, below $79 a barrel for a fourth day, amid concerns that a sluggish global economic recovery will limit fuel demand. It hit a year high at $82 last Wednesday.
Investor concern that economic recovery could be slow lent support to the dollar and encouraged profit taking in riskier assets including high-yielding currencies such as the Korean won and the Philippine peso.
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(Excerpt) Read more at finance.yahoo.com ...
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