Car makers drag Japan market lower; Australian Reserve Bank keeps interest rate unchanged
City Index April 5, 2011 2:38 PM
<p>Japanese stocks were lower today as car manufacturers led the retreat. Toyota Motors Corp is reportedly considering to temporarily stop production in factories in North […]</p>
Japanese stocks were lower today as car manufacturers led the retreat. Toyota Motors Corp is reportedly considering to temporarily stop production in factories in North America due to part shortage. Stocks in other car makers including Nissan Motors and Honda Corp were also lower.
The Nikkei 225 Index was trading at 1.25 per cent lower at midday (in Japan).
The Hong Kong Hang Seng Index was on the rise on the back of positive lead from the US overnight. Retail stocks pushed the market higher, sending the benchmark to its highest level in 10 weeks.
In Australia, the Reserve Bank decided to put interest rates on hold, citing a strong Australian dollar and its buying power as one of the main factors for the decision. The Australian All Ords Index was trading higher on the back of rising merger and acquisition activities particularly in the mining and resources sectors.
In currency markets, we saw a quick blip on the Aussie dollar as it slipped a few pips right after the RBA decision to hold on the interest rate today. The Aussie quickly bounced back and managed to remain (and protect) above the 1.0300 level.
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