Bulls and bears fight it out in Asian trading today
City Index November 17, 2011 9:37 PM
<p>Asian stocks were weaker today on the back of negative offshore leads. Those hoping for policy reaction from China were also disappointed with the country’s […]</p>
Asian stocks were weaker today on the back of negative offshore leads. Those hoping for policy reaction from China were also disappointed with the country’s central bank saying it’s not ready just yet to loosen its policy tightening controls.
The Australian market was in slightly positive territory, mainly on the back of resource stocks including the world’s largest miner by revenue – BHP Billiton.
The group held its Annual General Meeting (AGM) today and management was upbeat about long term prospects, although did hose down near term optimism, citing global challenges are starting to impact its customers and pricing markets.
BHP CEO Marius Kloppers told shareholders “the heightened volatility and uncertain economic outlook are expected to continue to weigh on sentiment in the markets for our commodities”. BHP shares were 1.4% higher at the close.
In Japan, Olympus shares rebounded strongly after its President Shuichi Takayama told employees the firm has enough cash on balance sheet to keep the business going amid investigations into its disclosures. The stock was last trading flat after rising as much as 19% in early Tokyo trading.
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