Market Report – Asia Down Amidst China IPO Push

In today’s market report… Asian stocks fell Wednesday as investors grew pessimistic after disappointing U.S. services sector data provided the latest evidence of a global slowdown.

The euro rose to a 7-week high against the dollar, on doubts about the U.S. recovery.

A rebound in world stock markets Tuesday, mainly propelled by bargain-hunting, turned out to be short-lived, although Tokyo’s Nikkei closed above key support levels.

Shanghai stocks were flat a day after rising about 2% on completion of Agricultural Bank of China’s pricing for its IPO.

AgBank’s massive IPO is set to be the largest in the world at $22 billion. The success of the public offering appears to have encouraged further fund raising efforts by Chinese banks.

The IPO came amid a beleaguered Chinese stock market and euro zone debt crisis.

So far this year, Shanghai has been the world’s second worst performing share market after Greece.

Foto: NTDTV