|
Elsewhere in Asia, Australia's benchmark S&P/ASX200 index leaped 5.8 percent to close at 3,623.4, led by materials, energy, banks and consumer discretionary stocks. The main development in Asia was the news that BHP Billiton Ltd., the world's biggest mining company, has abandoned a hostile $68 billion takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices. Shares of BHP Billiton rose 12.5 percent to 1,102 pence in London trading, where both companies are traded in addition to Australia. Rio Tinto shares plunged almost 40 percent to 1,489 pence. The Philippines' main index jumped more than 6 percent. Among other major markets, mainland China, Singapore and India declined. Chinese stocks have rolled back since rallying earlier this month on news of a multibillion dollar government economic stimulus package. Adding to concerns, the World Bank on Tuesday cut its 2009 growth forecast for China from 9.2 percent to 7.5 percent
-- the lowest rate in 18 years. After jumping $4.57 overnight, light, sweet crude for January delivery was down $2.37 to $52.13 a barrel in electronic trading on the New York Mercantile Exchange by late-morning London time. In currencies, the dollar fell 1.4 percent to 95.73 yen while the euro slid 0.7 percent to $1.2826.
[Associated
Press;
Copyright 2008 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor