Market Report – Asian Shares Decline

Asian markets are down today over doubts of a global recovery and ahead of a G8 leaders meeting later this week.

An air of caution has kept the dollar and bonds supported as safe havens while pressuring commodity prices, pushing oil to five-week lows.

Investors are still concerned over last week’s dismal U.S. payroll data that put a question mark over the rebound there and across the globe.

Korea’s KOSPI edged higher helped by gains in Samsung Electronics after strong quarterly earnings forecasts.

In Australia, indebted miner Rio Tinto agreed to sell its Americas food- packing assets to packaging group Bemis for $1.2 billion, raising more needed cash after only last week taking in $15.2 billion in one of the world’s biggest ever rights issue.

Turning to China, carmaker Fiat will sign a deal for a plant in China with Guangzhou Automobile.

The Italian carmaker has long sought a strong partner in China, where car sales soared 47 percent in May, a stark contrast to slack demand in Europe and the United States.

(NTDTV)