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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: roguedolphin who wrote (19233)	6/5/2007 4:13:35 AM
From: elmatador	Respond to of 217550

Asia stocks recover as China regains poise easing concerns that the slump might prompt a correction across the region and spill over to U.S. and European shares. SINGAPORE (Reuters) -- Most Asian share markets pared earlier losses on Tuesday after China stocks reversed a steep fall, easing concerns that the slump might prompt a correction across the region and spill over to U.S. and European shares. Stronger oil and metal prices supported many energy and commodity shares, such as Australian miners Rio Tinto and BHP Billiton, which helped support the market. Away from stock markets, Japanese government bond futures fell to a nine-month low as investors fretted that the Bank of Japan would raise rates now that a 10-year auction was out of the way, while the dollar was little changed against the yen after sliding the last session. Trading in Shanghai was volatile as investors tried to gauge whether the fall -- triggered by the government's move to hike the stock trading tax to cool speculation -- would accelerate and spread to global financial markets, which were rocked by a sharp sell-off in Shanghai in late February. The Shanghai Composite Index, having fallen around 7 percent at one point, was up 0.4 percent by 0629 GMT. China's main index has lost around 15 percent since hitting a record high on May 29. "There's low foreign participation in [China's] stock market, so there shouldn't be widespread selling across the world," said Nicholas Yeo, fund manager at Aberdeen Asset Management in Hong Kong. "People may be concerned that the correction could slow consumption, but investors are still sitting on huge gains even with this correction." Hong Kong's Hang Seng index, a gateway to China for many foreign investors, dipped 0.2 percent, though losses were offset by a 3.4 percent gain in China offshore oil producer CNOOC. MSCI's measure of Asia Pacific stocks excluding Japan recovered losses and was up 0.1 percent by 0631 GMT. Japan's Nikkei took the turmoil in Chinese markets in its stride, closing up 0.5 percent and above the 18,000 level for the first time since February, helped by stronger energy stocks, like Nippon Oil. South Korea's KOSPI carved out another record closing high with a gain of 0.3 percent, helped by exporters, such as car maker Hyundai Motor. But Australia's benchmark S&P/ASX 200 index ended lower, down 0.4 percent, dented by a steep fall in wholesaler Metcash after a weak outlook. Most analysts expect China's stock market to stabilize well before it does any serious damage to the world's fourth-largest economy, or begins to strain its financial system. A strong stock market is key to the country's economic reforms. Japanese government bond 10-year futures were off 0.34 of a point at 132.40, while the benchmark 10-year yield was up 3.5 basis points at 1.830 percent. Copyright 2007 Reuters. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.