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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (6517)	10/29/2002 2:57:36 AM
From: StanX Long	Respond to of 95541

Asia stocks dip on fears for earnings, U.S. economy sg.news.yahoo.com Tuesday October 29, 10:52 AM By Richard Baum SINGAPORE, Oct 29 (Reuters) - Asian stocks eased early on Tuesday following losses on Wall Street and disappointment over corporate profits, with the imminent release of a key Japanese economic package stifling equity and currency trade in Tokyo. U.S. Treasuries extended a domestic rally into Asian trade on gathering expectations of a Federal Reserve rate cut, though that did little to move the dollar against the yen as currency traders awaited Japan's reform package due out on Wednesday. Most stock indices were slightly lower across the board, Hong Kong , Australia , Singapore and Taiwan leading the decline with losses of between 0.4 percent and 0.7 percent. The Korean market was flat and New Zealand and China gained. Tokyo was among the best performers as the Nikkei 225 average dipped less than 0.1 percent to 8,750.81. Honda Motor Co Ltd , Japan's second largest automaker, tumbled 11 percent on lower than forecast first-half profits and a cut to its full-year target. Other auto stocks also dropped, but the market was otherwise stable as investors held fire before the package for tackling banks' bad loans. "There's little incentive to buy today ahead of the government's package. Add to that the dour forecast by Honda and the lack of a positive surprise from Sony and it's no surprise we're down," said Koji Muneoka, head of domestic sales trading at HSBC Securities. Consumer electronics giant Sony Corp , the second most active issue in value terms, was up 0.18 after swinging to a net profit in the most recent quarter. Disappointing results from Southeast Asia's largest banking firm, DBS Group , led a fall in Singapore. DBS dropped 3.1 percent, helping to drag the Strait Times Index down 0.7 percent. Asian stocks were undermined by falls on Wall Street, where the Dow Jones Industrial Average dropped 0.90 percent to 8,368.04 on jitters over the strength of the economy. The Nasdaq Composite Index fell 1.15 percent to 1,315.83. U.S. Treasuries extended gains from a rally in New York, fuelled by speculation the Fed will cut interest rates before year-end. Two-year notes were at 100-15/32, yielding 1.885 percent, from 100-14/32 and 1.901 percent in New York. The rally was sparked by a report in The Washington Post saying the Fed is worried the economy could be vulnerable to a shock such as a war in Iraq and may cut interest rates in the next few months. The dollar was steady, despite the speculation, holding around 123.50 yen versus 123.59 in late New York business. Traders were waiting for U.S. consumer confidence data out later, along with Japan's bank reforms and a Bank of Japan meeting on Wednesday. The euro traded around 98.38 cents , slightly back from 98.45 in late New York, its strongest level since mid-October.