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Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Singapore - Most Asian markets retreated on Thursday after fresh evidence of slower US growth blunted appetite for riskier assets like stocks.
The latest sign of sluggishness in the world's No. 1 economy came from the Federal Reserve's regional survey, a report known as the "beige book." The Fed said economic growth in the US has been steady during the summer in some cities, but was slowing in others like Atlanta and Chicago.
The survey followed a US Commerce Department report that showed durable goods orders fell 1% in June. Economists expected a 1% gain.
But some analysts believe it is overly pessimistic to predict that the US will slip back into recession.
"We don't believe in a double-dip recession in the US," said Stephen Corry, Asia Pacific chief investment officer for Merrill Lynch Wealth Management. "The global economy will continue to muddle though and that's not a bad backdrop for global equities."
Japan's Nikkei 225 stock average was down 39.74 points, to 9 713.96 as investors locked in profits following a 2.7% jump the previous day.
South Korea's Kospi fell 0.1% to 1 772.00 and Hong Kong's Hang Seng index lost 0.1% to 21 067.52. Australia's S&P/ASX 200 was down 0.1% to 4 526.7 on weakness in banks.
Markets in India, Thailand and Singapore also fell while benchmarks in China, Indonesia and Indonesia were higher.
Asian equities are trading at a 10% premium to global stocks on a price-to-book value basis, according to Corry. "We're long-term bullish on Asian equities, but valuations probably don't justify purchasing them right now," he said.
In New York on Wednesday, the Dow Jones industrial average finished down 0.4% at 10 497.88.The broader Standard & Poor's 500 index fell 0.7% to 1 106.13, while the Nasdaq composite index fell 1% to 2 264.56.
In currencies, the dollar fell to
¥87.13 from
¥87.44 late on Wednesday in New York. The euro rose slightly to $1.3009 from $1.2996.
Benchmark crude for September delivery was up 9c at $77.08 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped 51cs to settle at $76.99 on Thursday.
- Sapa