Market Report – Asian Banks Dip
Asian banks and financial shares dipped Wednesday, as investors sold after weaker-than expected U.S. economic data was released.
The U.S. economy grew 2.8 percent in the last quarter, which was down from a forecasted 3.5 percent.
Japanese banks fell after Mitsubishi UFJ announced plans last week to sell over $11 billion in shares for fundraising.
On the plus side, Toyota edged higher despite a U.S. recall of 110,000 Tundra pickup trucks due to corrosion problems.
The embattled car giant is also negotiating separately details of its biggest recall of 3.8 million vehicles for loose floor mats.
China Shipbuilding has planned a near $940 million IPO in Shanghai, as the Mainland’s top ship equipment producer joins a wave of firms listing.
The nation’s share market has seen strong capital inflows boosting the Shanghai benchmark 27 percent since early September.