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Japan, Korea trade lower, but Hong Kong rises

Most major Asian stock markets traded lower midday Wednesday in the wake of shell fire between North and South Korea, though Hong Kong, Shanghai and Mumbai -- all of which were open when the Korean news broke late Tuesday -- traded higher.

Japan's Nikkei Stock Average /quotes/comstock/11b!i:ni225 (JP:NI225 10,030, -85.08, -0.84%) was down 0.7% in early afternoon action, as hard-hit sectors included financials, such as Sumitomo Mitsui Financial Group Inc. (JP:8316 2,655, +3.00, +0.11%) /quotes/comstock/13*!smfg/quotes/nls/smfg (SMFG 6.20, -0.09, -1.43%) , down 2.2%. In Seoul, the benchmark Kospi (XX:$SEU 1,929, -15.40, -0.79%) recovered from being down some 1.9% in early trading to a milder loss of 0.2%, as investors began to discount the chance of full war breaking out on the Korean Peninsula. Sydney's S&P/ASX 200 /quotes/comstock/27w!i:xjo (AU:XJO 4,585, -4.37, -0.10%) was also down 0.2%, but Chinese stocks managed to gain, with Hong Kong's Hang Seng Index /quotes/comstock/08s!i:hsi (HK:HANGSENG 23,066, +169.98, +0.74%) adding 0.7%, and the Shanghai Composite /quotes/comstock/16k!i:000001 (CN:SHCOMP 2,859, +30.58, +1.08%) was up 0.3%. Among Chinese gainers, real-estate firm Hang Lung Properties Ltd. /quotes/comstock/22h!e:101 (HK:101 35.25, +0.60, +1.73%) /quotes/comstock/11i!hlppf (HLPPF 4.79, +0.15, +3.23%) rose 2% after suffering recent losses. In India, the Sensex

all of which were open when the Korean news broke late Tuesday -- traded higher. Japan's Nikkei Stock Average /quotes/comstock/11b!i:ni225 (JP:NI225 10,030, -85.08, -0.84%) was down 0.7% in early afternoon action, as hard-hit sectors included financials, such as Sumitomo Mitsui Financial Group Inc. (JP:8316 2,655, +3.00, +0.11%) /quotes/comstock/13*!smfg/quotes/nls/smfg (SMFG 6.20, -0.09, -1.43%) , down 2.2%. In Seoul, the benchmark Kospi (XX:$SEU 1,929, -15.40, -0.79%) recovered from being down some 1.9% in early trading to a milder loss of 0.2%, as investors began to discount the chance of full war breaking out on the Korean Peninsula. Sydney's S&P/ASX 200 /quotes/comstock/27w!i:xjo (AU:XJO 4,585, -4.37, -0.10%) was also down 0.2%, but Chinese stocks managed to gain, with Hong Kong's Hang Seng Index /quotes/comstock/08s!i:hsi (HK:HANGSENG 23,066, +169.98, +0.74%) adding 0.7%, and the Shanghai Composite /quotes/comstock/16k!i:000001 (CN:SHCOMP 2,859, +30.58, +1.08%) was up 0.3%. Among Chinese gainers, real-estate firm Hang Lung Properties Ltd. /quotes/comstock/22h!e:101 (HK:101 35.25, +0.60, +1.73%) /quotes/comstock/11i!hlppf (HLPPF 4.79, +0.15, +3.23%) rose 2% after suffering recent losses. In India, the Sensex /quotes/comstock/28p!sensex (XX:SENSEX 19,730, +38.20, +0.19%) improved by 0.4% in Mumbai morning trade. 

 

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Comments (24) Community Commons

Lawnmowerman 1 hour ago

+5 Votes (7 Up / 2 Dn)
 
 
Need to exercise..

SEOUL, Nov. 24 (Yonhap) -- South Korea and the United States will launch a joint naval drill in the Yellow Sea from Sunday with a nuclear-powered American aircraft carrier participating amid heightened tensions over North Korea's artillery attack on a South Korean island, officials said Wednesday.

"The USS George Washington carrier strike group will join Republic of Korea naval forces in the waters west of the Korean Peninsula from Nov. 28 to Dec. 1 to conduct the next exercise," the U.S. Forces Korea (USFK) said in a statement.

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imyourbuddy 1 hour ago

Even (4 Up / 4 Dn)
 
 
Booyah doomers, morning all, Kospi looking for a recovery. Shanghai in the green. The world didn't end! Keep smiling!
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GaryOak 1 hour ago

-2 Votes (3 Up / 5 Dn)
 
 
You cant stop a global bull market. UP UP and away!

NK is over hyped. they sank a ship a couple months ago. everyone forgot about it. they cause problems every couple months. this one will be be forgotten as usual.
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imyourbuddy 1 hour ago

+1 Vote (5 Up / 4 Dn)
 
 
The global expansion will go on with a larger population looking for new technologies to increase everyone's standard of living. This will be good for equities. As good as the mid eighties advance of the indices. The world is very much alive and growing.
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ProfessorBear 37 minutes ago

+3 Votes (5 Up / 2 Dn)
 
 
Does someone pay you to make inane remarks on this board?
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doubledutch 41 minutes ago

+3 Votes (3 Up / 0 Dn)
 
 
Nikkei 10039.93 -75.26 Jakarta3654.80-23.39 TSEC 8297.05 -31.58 Are red and China,...is nothing more than a technical blib.
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Newuser 1 hour ago

+2 Votes (4 Up / 2 Dn)
 
 
talk about stick-poking
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B.Bohan 1 hour ago

Even (3 Up / 3 Dn)
 
 
Isn't there a General Strike in Portugal today?
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Gumboot 1 hour ago

+2 Votes (4 Up / 2 Dn)
 
 
Wednesday
http://www.bbc.co.uk/news/world-europe-11825643

With 80% of its public debt held abroad, the country now finds itself at the mercy of bond traders and wants to convince the markets that it will be able to meet its commitments
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KumarRaj 1 hour ago

+3 Votes (4 Up / 1 Dn)
 
 
Germany’s finance minister on Euro…tells German parliament……….

“It’s our common currency that’s at stake.” Germany, Europe’s biggest economy, must take responsibility “otherwise there will be untold economic and social consequences for our country.”

http://www.dailytimes.com.pk/default.asp?page=2010%5C11%5C24%5Cstory_24-11-2010_pg5_23
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Gumboot 54 minutes ago

+5 Votes (5 Up / 0 Dn)
 
 
" The Greek bail-out... was the beginning of a textbook case of how not to save a currency union from collapsing. ”-By Yanis Varoufakis Professor of Economics, Athens University

http://www.bbc.co.uk/news/world-europe-11818910
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KumarRaj 42 minutes ago

+2 Votes (3 Up / 1 Dn)
 
 

Now they say..."austerity will continue to damage our collective, European, future.".....

So Obama has rightly choose to loosen money!!!
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Gumboot 23 minutes ago

+2 Votes (2 Up / 0 Dn)
 
 
Either tactic is about giving money to banksters at the expense of everyone and everything else. No other solutions, no genuine solutions, are being attempted.
At least thats how I read it.
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doubledutch 51 minutes ago

+4 Votes (5 Up / 1 Dn)
 
 
Repost from GaryOak and bbbhhh : NK sank a ship a few months ago. Yesterday they fired shells. Every few months they cause problems. They are over hyped as usual.Reply Link Track Replies Report Abuse doubledutch 1 hour ago+2 Votes (2 Up / 0 Dn)

My reaction : They still denail the sinking or started with the shelling...Link Track Replies bbbhhh 51 minutes ago+3 Votes (3 Up / 0 Dn)

Request sentWith idiotic statements like that you lose the little creditability you ever had.
According to military experts , this is the most serious incident since the korean war almost 60 yrs ago . What a bonehead you are !


My reaction : North Korea's supreme command, however, accused South Korea of firing first and vowed "merciless military attacks with no hesitation if the South Korean enemy dares to invade our sea territory by 0.001 mm".

The shelling began at 2:34 pm (0534 GMT) on Tuesday after the North sent several messages protesting about South Korean exercises being staged south of the border, a presidential spokesman said.

Okay ?

Repost from yesterday:The prelude for US : Hang Seng Index 22896.14 -627.88 -2.67% closed around the day low and has NOTHING to do with Korea ! The Asian plunge started BEFORE the Korea developments and the reason was the China tichtening,the PIIGS,US/EU bank problems and the insider trading scandal(GS...) Crude dropping,the JPY rising,N Korea started shooting .Coincidance ? (isn't the first time). If crude(S&P is 25+% crude related) drop,the commodity currencies plunge and the JPY up,than there will be a flash crash.

Crude is now around the day high

Who is the bonehead ? It's you ! my friend.

Plunge
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GaryOak 35 minutes ago

Even (1 Up / 1 Dn)
 
 
TU for the post
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realitycheck2010 41 minutes ago

+3 Votes (3 Up / 0 Dn)
 
 
the Euro looks like it wants to keep falling in the face of everything they are throwing at it...tomorrow morning another Irish bailout promise will be announced...it's supposed to "stabilize" the falling Euro...I guess we will see
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abortspace 20 minutes ago

-1 Vote (1 Up / 2 Dn)
 
 
it already bottomed. 1.43 target by early December as risk returns with a vengeance.
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Gumboot 12 minutes ago

+1 Vote (2 Up / 1 Dn)
 
 
When did it bottom?
Its still in a down channel on my charts, below the 20 day ma.
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ProfessorBear 39 minutes ago

+3 Votes (3 Up / 0 Dn)
 
 
Can the IMF step in and stem a global stock market panic when necessary?
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Gumboot 18 minutes ago

+3 Votes (3 Up / 0 Dn)
 
 
Only if they ruined a countries economy first, then they can rush in and "save" it by wrecking it more.
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Gumboot 20 minutes ago

+3 Votes (3 Up / 0 Dn)
 
 
LONDON, Nov 24 (Reuters) - Britain's FTSE 100 index was seen opening up 36-44 points, or as much as 0.8 percent, on Wednesday, according to financial bookmakers, recovering after a sharp sell-off in the previous session in tandem with a steadier performance from Asian equities.
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Gumboot 16 minutes ago

+3 Votes (3 Up / 0 Dn)
 
 
Earlier, German Chancellor Merkel commented that due to the current debt crisis, the European common currency was in a "exceptionally serious situation."

ECB's Mersch says contagion not afflicting euro area.
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zipzippygc 12 minutes ago

+1 Vote (1 Up / 0 Dn)
 
 
buying opportunity -- retail is doing well, mood is swinging back to US with world's problems. i see an easy 2% within days.
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BedRock 11 minutes ago

+1 Vote (1 Up / 0 Dn)
 
 
There at least 1 picture of Bernanke on every surface of anything if you look hard enough?
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