Asian Shares Drop Amid Syria Worries

By Staff,

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Asian stocks dropped again as tensions continue to escalate with Syria, and a strike on the country looks imminent.

US President Barack Obama is reportedly working with allies to take some action against Syria for using chemical weapons against civilians. The U.K. Parliament was recalled from its summer recess and will meet tomorrow to debate its response on Syria.

U.S. Defense Secretary Chuck Hagel told the BBC the U.S. military is "ready to go" if President Barack Obama orders action over a chemical weapons attack in Syria, while NBC News reported the U.S. could launch a missile strike against Syria "as early as Thursday."

Around the region, South Korean manufacturing confidence rebounded from a six-month low to 77 from 73 for August, the Bank of Korea said.

China will likely allow its commercial banks to issue negotiable certificates of deposit in the interbank market, which would be a key step toward further liberalizing the nation's deposit rates, the Financial News reported Wednesday.

In ADR news, China Gerui ( CHOP ) says Q2 revenue decreased 43.9% to $43.1 million from a year ago and missed the Thomson Reuters mean for $65.5 million. EPS were zero, below estimates for a $0.07 gain. It revised its full year 2013 revenue guidance to $165 million to $170 million. Estimates are for $280.10 million.

Japan's Nikkei hit a two-month low and ended down 1.51% at 13,338.46. The Hang Seng shed 1.6% to 21,524.65 and the Straits Times lost 0.98% to 3,004.18.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CHOP

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