The Australian shares continue to suffer a stock market downturn caused by debt crisis in Europe. Yesterday the Australian market closed nearly unchanged in a day of fluctuating trade. The benchmark S&P/ASX200 index Wednesday shed more than 1.5 per cent in early trade after Wall Street resumed its slide on a surprise move by Germany to restrict some financial transactions against banks.
South Korea's Hynix Semiconductor Inc. (SEO:000660), the world's No. 2 memory chipmaker, posted the highest first quarter earnings in its history with a 2.82 trillion won registered sales. The company posted a 799.1 billion won operating profit on a consolidated basis, compared to an operating loss of 514.6 billion won a year earlier, thanks to strong chip prices.
Swedish mobile network equipment maker Telefon AB LM Ericsson (NASDAQ:ERIC) has bought Nortel's controlling stake in LG-Nortel, a joint venture between Nortel Networks and LG Electronics Inc. (SEO:066570). Nortel will sell its 50 per cent plus one share stake in LG-Nortel to Ericsson for US$242 million in Cash subject to certain purchase price adjustments.
Shares of Sanyo Electric Co Ltd. (TYO:6764) rose today after a media report that the electronics maker's operating profit would likely jump 50 percent this financial year, helped by the distribution network of its parent company Panasonic Corp.(TYO:6752), which acquired a majority stake in Sanyo in December.
US stocks on Monday rose to a fresh 18-month high on improved economic data. The market was encouraged as the Labor Department Friday released nonfarm payrolls report which showed a biggest job increase in three years. In addition, better-than-expected figures in service and real estate sectors also helped to support the US shares. Asian markets mostly opened higher on Tuesday. Resources shares today could be stronger after oil and metals prices rose. Asian stocks closed higher on Monday with Japan's Nikkei 225 ended at a new 18-month high for the third straight session. Regional volume was light, as markets in Australia, New Zealand, China, Hong Kong and Taiwan were shut for holidays. Most of these markets resume trading today, but Hong Kong bourse remains closing for Ching Ming Festival.
Wall Street overnight fell on the unexpected drop of the private sector employment data, which raised investors' concern over the key nonfarm payroll figures to be released on Friday. Asian markets were mostly lower Wednesday. Japan's Nikkei index closed slightly lower with a 0.1 per cent fall on the last day of the current fiscal year for most Japanese companies. China's Shanghai Composite and Hong Kong's Hang Seng Index both lost 0.6 per cent. Today China is due to release PMI figures for the manufacturing sector.
Friday Wall Street ended flat, giving up its early gains after the news about the sinking of a South Korean naval ship raised fears of tension between North and South Korea. Today Asian markets could be helped by the euro-zone bailout for Greece and the news that South Korea has ruled out North Korea involvement in the navy vessel sinking. Friday Asian markets rallied with Japan's Nikkei hit its 18 months closing high. The Nikkei climbed 1.6 per cent due to relief over sovereign-debt problems in Greece. Both Hong Kong's Hang Seng Index and China's Shanghai Composite added 1.3 per cent.
