Asia Markets Lose Momentum

HONG KONG -- Most Asian markets ended the week down, a sign that investor uncertainty persists despite positive earnings reports from major U.S. companies.The benchmark Nikkei 225 index edged up 18.91 points, or 0.2%, to close at 10,257.56, while the broader Topix index slid 3.16 points, or 0.4%, to 900.95.Bucking the general trend for Japanese retailers, both Starbucks ( SBUX - news - people ) Coffee Japan and H20 retailing revised their profits forecasts upwards Friday. Osaka-traded Starbucks rose 1.1% to 38,350 yen (420.51). Shares of H20 Retailing, which operates restaurants, cafes, bakeries and other consumer goods vendors, climbed 2% to close at 575 yen ($6.31). In another bright pocket for the retail sector, Fast Retailing, operator of the Uniqlo stores that boast trendy-but-cheap clothing, surged 5.5% to 15,320 yen ($168.03). Toyota ( TM - news - people ) is reportedly teaming up with subsidiary Daihatsu to develop a compact car that would retail for under $11,000 in emerging markets like China, India and Brazil. Shares of Japan's largest automaker traded up at midday but cl...
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Fiscal Year 2009 FAST RETAILING CO Earnings Release - After Market Close

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Infosys Boosts Indian Market

HONG KONG -- Mumbai bourse beat major Asian markets Friday as India's latest forecast-beating industrial output growth, along with bellwether Infosys' better than expected quarterly profit, lifted investment sentiment.The 30-share BSE Index opened higher and was trading up nearly 1% at 13,864.34 in afternoon trading. Official figures released Friday showed India's industrial output rose faster than expected at 2.7% in May from a year earlier. The figure beat the market consensus of 1.4% annual growth. Shares in Infosys ( INFY - news - people ), India's second-largest software services exporter, rallied 4.9% in afternoon trading. Infosys said its June quarter profit jumped 17.2% to 15.27 billion rupees (314 million U.S. dollars) from a year earlier. The software service provider also marginally raised its annual forecast, predicting its consolidated revenue to fall 3.1% to 4.6% and earnings to decline 11.1% to 12.4% in dollar terms. The estimates are upgraded from its April forecast of an 11.1% to 15.1% fall in earnings and a 3.1% to 6.7% decline in revenue.Other Asian shares lost most of their early gains Friday afternoon as a record 6.6% drop in June wholesale prices in Japan suggested Asia’s biggest economy is slipping back into deflation, reviving worries the global economy will falter. The benchmark Nikkei Index gained as much as 0.8% to 9,363 Friday morning after Wall Street rose and the yen weakened on speculation that Japan’s government would intervene in currency markets t...
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Asian Shares Pare Morning Gains

HONG KONG -- Asian shares lost most of their early gains Friday afternoon as a record 6.6% drop in June wholesale prices in Japan suggested Asia’s biggest economy is slipping back into deflation, reviving worries the global economy will falter. Stocks in China rose as new listings attracted investors.The benchmark Nikkei Index market gained as much as 0.8% to 9,363 on Friday morning after Wall Street rose and the yen weakened on speculation that Japan’s government would intervene in currency markets to halt the yen’s rise. Those early share gains pared back after the yen rebounded around noon to near 92.98 to the U.S. dollar. The Tokyo bourse was flat at 9,293.04 after midday.Gainers included, Fast Retailing ( FRCOY - news - people ), which runs discount casual clothing chain Uniqlo with about 780 stores at home and 80 overseas. It’s stock jumped as much as 3.2% after it posted a 27% rise in third-quarter operating profit and raised its annual earnings forecast for a third time. The stock, however, retreated to 11,750 yen ($126.33) in early afternoon, up only 0.5%.Japanese shippers fell after the Baltic Exchange's main sea freight index sank to a six-week low on Thursday. Kawasaki Kisen ( KAKKF - ...
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