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Market Report - Asian Shares Fall

8 years ago127 views

In today’s market report… the dismal sales outlooks for some heavyweight tech firms dragged down Asian share markets, while worries about the fiscal health of Greece and Portugal undermined investor confidence.

Australian shares fell to cap their worst monthly performance since November 2008, weighed down by worries over the U.S. economic recovery, prospects of an Australian interest rate rise, and weaker commodity prices.

Japan's Nikkei fell on negative earnings surprises from firms with Nippon Steel warning of a first annual net loss in seven years.

Seoul shares extended losses to retreat below the psychologically significant 1,600 point level led by technology firms.

Samsung Electronics, the world's top maker of memory chips and LCD screens, failed to lift the gloom despite its forecast-beating earnings as the region's shares head for their worst monthly decline since early 2009.

BHP Billiton, the world's biggest miner, will spend almost $2 billion to expand its Australian iron ore business to keep pace with growing demand for the commodity from Chinese steelmakers.