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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (58959)	1/17/2002 3:16:17 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Thursday January 17 2:02 AM ET Bleak Tone Set for Asia By David Fogarty dailynews.yahoo.com SINGAPORE (Reuters) - Asian share investors received a clear message on Thursday: forget about a quick economic recovery. Data from the world's two largest economies showed both remained mired in recession with recovery retreating further into the future. Dismal earnings results from several U.S. corporate giants and news others were in financial trouble piled on the gloom, helping drive down Wall Street and setting a bleak tone for Asia. By the afternoon, most major regional markets were lower as investors pondered the future and Japan's own dose of worrisome news, although Bombay, Taiwan and South Korea (news - web sites) managed modest gains after the starting the day in the red. The Bank of Japan said the economy remained in a broad-based decline but cited the yen's depreciation and inventory adjustments as supportive factors. Other data also showed Japan's trade picture weakened in November, with the trade surplus falling an unadjusted 16.9 percent year-on-year. Tokyo's benchmark Nikkei erased early gains, weighed down by extended losses in shares of several blue-chip exporters such as copier and camera maker Canon Inc The Nikkei ended down 0.49 percent at 10,128.18, off a low of 10,074.45. ``High-tech exporters in particular had been bolstered by hopes for a V-shaped recovery in the U.S. together with the recent fall in the yen,'' said Hidenori Karaki, equities general manager at Tokyo Mitsubishi Personal Securities. ``But that was a bit overdone.'' The BOJ said in its latest report that capital spending and consumer spending also continued to weaken.