Asian Stocks Narrowly Mixed After Syria Tensions Ease

By Staff,

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Asian shares were narrowly mixed after US President Barack Obama said late Tuesday he had asked Congress to delay a vote authorizing the use of military force while he pursued a diplomatic solution that would have Syria surrender its chemical weapons.

Syria said that it would stop making chemical weapons and reveal the location of its stockpiles in an attempt to avoid a military attack on the country.

Sentiment got a boost after Citigroup raised its China growth forecast for the current quarter to 7.8% from 7.4% but warned that the rebound could be short-lived.

Prime Minister Shinzo Abe on Tuesday also called on his cabinet to put together a new economic package by the end of this month. Analysts say the move suggests Abe will go ahead with plans to hike the sales tax from April and will use the new package to soften the blow to the economy, reports.

In ADR nes, Yingli Green Energy ( YGE ) said it will supply 28 MW of multicrystalline photovoltaic modules to the State Grid Corporation of China. The modules will power the largest out of three solar projects being developed by SGCC in Zhangbei county, Hebei province.

China Automotive Systems ( CAAS ) said that on August 30, the Court of Chancery of the State of Delaware dismissed each of the shareholder plaintiffs' derivative claims with prejudice and without leave to amend, in a suit against the company and its board of directors.

The Nikkei ended up 0.01% at 14,425.07, the Hang Seng down 0.17% at 22,937.14 and the Straits Times down 0.5% at 3,108.19.

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: CAAS , YGE

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