Market Report – Asian Stocks Ease over U.S. Economic Recovery

Asian stock markets started the week lower, as worries about the US economic recovery grew Monday.

A sharp fall in US consumer confidence numbers sparked a sell-off in riskier assets, with the yen strengthening to near 7-month highs against the dollar and the euro easing from 2-month peaks on profit-taking.

The overall trading tone was cautious ahead of US housing data, key testimony by US Federal Reserve Chairman Ben Bernanke, and results of the European bank stress test, due later this week.

With Tokyo closed for a public holiday, Australian stocks led the regional decline with Aquarius Platinum among the miners slipping lower.

The stock fell after South Africa toughened safety rules at its mines.

Australian healthcare stocks helped to support the Sydney market, after the board of Healthscope recommended a $1.73 billion offer from TPG and Carlyle.

The bid is the largest private equity deal in Australia since 2007.

Shanghai’s benchmark was bucking the trend as of midday, boosted by expectations that local property policies would not be as strict as feared.

Foto: NTDTV