Asian Market Summary: Indexes Trade Sideways

by: SA Editors

Asian Indexes

NIKKEI 225: -0.33%; 15,628.97 (-51.70)
HANG SENG: +0.05%; 28,658.42 (+14.81)
SHANGHAI SE COMPOSITE: -0.07%; 4,868.61 (-3.17)
BSE SENSEX 30: +1.24%; 19,603.41 (+240.22)


Asian stocks rose for a third day, led by Mitsubishi UFJ Financial Group Inc. and National Australia Bank Ltd., on speculation the Federal Reserve will cut U.S. interest rates to bolster growth in the world's largest economy.

Moody's Reviewing Ratings on Over $100 Billion in SIV Debt Moody's Investors Service has downgraded or put on review $119 billion of debt sold by SIVs in the most sweeping downgrade since subprime mortgages caused the bond market to seize up.

Yen Rises as Moody's Prepares Rating Cuts on Subprime, Carry-Trades Pared The yen rebounded from a two-week low against the dollar after Moody's Investors Service said it is preparing the biggest credit-rating cuts since subprime-mortgage defaults rocked financial markets.

Fidelity, Goldman May Be Cleared to Retain Indian Commodity Exchange Stake Fidelity International Ltd. and Goldman Sachs Group Inc. may get approval from India's government this week to retain stakes in commodity exchanges, allowing them to profit from a surge in trading.

Standard Bank Investors Approve Sale of $5.4 Billion Stake to China's ICBC Standard Bank Group Ltd., Africa's largest lender, won approval for the sale of a 20 percent stake to Industrial and Commercial Bank of China Ltd. for 36.7 billion rand ($5.4 billion), China's biggest overseas purchase.

Thai Economy Grew 4.9% in Third Quarter, Exceeding Estimates, on Exports Thailand's economy grew faster than economists expected in the third quarter, buoyed by exports and a recovery in spending almost a year after a military coup.

China's Xiashun Scraps $270 Million Hong Kong Stock Sale After Index Slump Xiashun Holdings Ltd., China's largest maker of aluminum foil used for food and drinks packaging, canceled a HK$2.1 billion ($270 million) Hong Kong stock sale after the city's key index had its worst month since March 2004.