Market Report - China Tightens Credit

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n today’s market report… Asian stocks hovered near two-month lows, again hit by fears that China's efforts to rein in soaring credit growth could hamper the global economic recovery.

ICBC, China's largest bank, announced it had stopped rolling over some loans after a surge at the start of the year.

Across the region, shares from Sydney to Seoul dipped to multi-week lows, while investors eyed Chinese developments and the conclusion of a Federal Reserve meeting.

Australia's benchmark index dropped to its lowest close in more than a month as investors worried about Chinese resource demand ahead.

In Seoul, North and South Korea's exchange of artillery fire near their disputed sea border led the KOSPI to its lowest close in seven weeks.

The Nikkei ended lower as exporters like Canon declined on the back of a stronger yen.

After the close of trade, Canon said its quarterly profit more than doubled as brisk digital camera sales offset sluggish demand for copiers, forecasting its first annual profit growth in three years.

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