Autos drive European shares down
European shares ended lower on Friday but U.S. data showing strong economic growth and softer inflation helped the market pare losses from car and technology stocks after disappointing earnings.
A below-forecast profit rise pounded Volkswagen shares 5.4 percent lower, dragging down the sector, while a lower-than-expected profit and forecasts from tech bellwether Microsoft hit European peers such as SAP.
But pharmaceutical stocks shone for a second session as a panel of European experts backed the use of Sanofi-Aventiss anti-obesity pill Acomplia, the French groups biggest new drug hope, while GlaxoSmithKline basked in broker upgrades a day after the companys market update.
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Property firms drive shares
HONG KONG Asian stocks rose on Tuesday, with a regional index touching its highest level in more than five years. Property companies led the Japanese market higher after Mori Trust said it was holding talks to sell buildings in central Tokyo to American International Group.
AIG's plan to buy Mori Trust properties "has become the trigger to buy property stocks," said Hideyuki Ookoshi, fund manager at Chiba-gin Asset Management. "That's even leading to optimism for other companies that own a lot of land."
The Morgan Stanley Capital International Asia-Pacific index advanced 0.73 point to 121.31 in Tokyo, its
Major Dubai drive to woo Asia investments
Dubai's government has started a push to attract direct investment from Asia's manufacturers, as it tries to broaden its economic base.
"We believe manufacturing should play a role in our economy. We don't believe Dubai should depend only on services," said Arif Mubarak, director of the Asia Pacific Region for the Dubai Development and Investment Authority.
The government body has just opened an office in Hong Kong, its first in Asia, and also plans to open offices in London and New York.
"Asia is known for its manufacturing. That's why we want to come to this
Inco shares advance on Phelps Dodges offer
Shares of PT International Nickel Indonesia, a unit of Inco Ltd., rose to their highest in four weeks after Phelps Dodge Corp., the world s third-largest copper producer, agreed to buy Inco and Falconbridge Ltd.
Inco Indonesia shares rose as much as 9.7 percent to Rp 20,300 rupiah. As many as 2.81 million shares changed hands at 11:19 a.m. Jarkarta time, compared with the s ix-month daily average of 715,707 shares. The stock traded at 20,100 rupiah at 11:19 a.m.Jakarta time, the highest since May 30.
Inco and Falconbridge combined is the worlds
Indian shares fall on weak Asia
Indian shares fell more than 1 percent in early Friday deals on weak Asian markets, as investors digested a three-day rally and refrained from taking long positions ahead of the weekend.
At 11:09 a.m. the 30-issue benchmark BSE index was 0.88 percent lower at 11,867.95 points, having traded in a 130-point band. It had rallied 3.6 percent, or 422 points, in the past three days.
Sentiment was lacklustre in the broader market, with 644 stocks gaining compared with 1,415 that lost ground. Total volume stood at 57.9 million shares.
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Asia not ready for EU-styled integration: MM Lee
Singapores Minister Mentor Lee Kuan Yew has said that it is too early for East Asia to follow the European Unions single currency system or borderless flow of people.
Mr Lee said it would be at least 50 years or more before countries in the region could consider such a level of integration.
He was speaking at a forum organised by Nihon Keizai Shimbun, Japans leading business newspaper, in Tokyo on Thursday.
Mr Lee said: Whether we can have something like the European Union where we can work anywhere in the European
