Market Report – Asian Stock Rally Pauses

In today’s market report… Asian stocks fell as investors took profits ahead of an expected easing in U.S. monetary policy, and G20 meetings later in the week.

The dollar rose from 10-month lows, as the market moved to cover heavy short-dollar positions.

But markets in Taiwan were not convinced by the dollar’s rebound, with export-oriented technology stocks dragged down by continuing worries over the strong Taiwan dollar.

The TAIEX was the worst performing Asian stock market, falling to a five week low.

HSBC led falls in Hong Kong after it called off plans to buy a majority stake in South Africa’s Nedbank.

The Shanghai composite was flat in early afternoon trade, after posting its best weekly gain in 18 months last week.

Tokyo stocks rose in early trade after Friday’s over one 1%, but later gave up those gains on the strong yen.

Mazda shares fell as much as 5% on news top shareholder Ford plans to slash most of its 11% stake in the Japanese automaker.

Top miners BHP and Rio Tinto weighed on Australia’s All Ordinaries, after they called off an iron ore joint venture that would have saved up to $10 billion in transport and logistics costs.

Regulators, steelmakers and major investors object to the proposed joint venture.

Foto: NTDTV