Market Report – Stocks Fall; Sony Up on Apple Rumour

In today’s market report… most Asian markets slipped Tuesday.

Japanese retailers and exporters found mild support, as the currency inched away from a fresh 15-year high hit Monday.

But overall trading was thin, as investors waited for key earnings from blue chips such as Canon and Sony this week.

Sony shares rose over 1.5% amid unconfirmed reports Apple could make a bid for the consumer electronics giant.

Sony has a market cap of about $33 billion, well within reach of Apple’s estimated $50 billion war chest.

Uncertainty about the size of the expected stimulus from the Federal Reserve also kept investors sidelined.

The U.S. central bank meets next week to decide on monetary policy.

Other Asian stocks slipped, as markets pulled back from recent 28-month highs.

Aluminum producer Chalco’s third quarter loss weighed on the Hang Seng, while Warren Buffet-backed automaker BYD tumbled in HK, after a 99 percent plunge in profit.

In Australia, shares of stock exchange operator ASX fell over eight percent, amid objections from independent and opposition lawmakers to the takeover by Singapore’s SGX.

Sydney stocks eased back from Monday’s five-month closing high.

Foto: NTDTV