Overnite Asian trade mixed while yesterday's US gains are being characterized as investors scrambling into higher quality DOW issues as evinced by the DOW's gain vs. S&P midcap, Nasdaq and R2K losses. Don't get me wrong, I see that as a logical "half-step" versus a total
SINGAPORE (MarketWatch) -- Asian stock markets were mixed in quiet trade Tuesday with commodity and energy stocks dragged by weaker metal and oil prices. But Korean technology stocks were still getting a boost from Samsung's encouraging earnings guidance. Japan's Nikkei 225 was down 0.2%, with South Korea's Kospi Composite up 0.2% and Australia's S&P/ASX 200 off 0.3%. New Zealand's NZX-50 was up 0.1%. Hong Kong's Hang Seng index was up 0.4% while China's Shanghai Composite was down 0.6% and Taiwan's main index was up 1.0%. Nikko Cordial senior strategist Tsuyoshi Kawata said the yen's modest strength was hurting technology and auto stocks in Tokyo, and the DJIA's rise Monday "doesn't help the Japanese market because it was mostly defensives that gained." DJIA futures were recently about 16 points lower in screen trade.
T. W. Merryman
Managing Director
Interconti, Limited
(Market Research Analysts)
Chicago, IL 60604
e: intercon@intercontilimited.com
w: www.intercontilimited.com 

