Asian stocks is also seeing weakness. Concerns about the three-month rally making them too expensive. (Bloomberg News)
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Today Asian stocks edged up but investors remained as mergers and acquisitions highlighted regional activity. Australian lenders have largely managed to dodge the global financial crisis, and the country’s No. 1, National Australia Bank, is looking to dominate the insurance industry after snapping up most of British insurer Aviva’s business there for 0 million. Aviva, the world’s No.5 insurer, joins a growing list of global firms exiting Australia to focus on their domestic markets. In mining, Xtrata aims to merge with rival Anglo American to form a billion company, better able to compete with giants like BHP Billiton. In regional share markets, high demand for hybrid cars led investors to buy up shares for compnaies like Japanese battery-maker Yuasa, which fell sharply last week. Fuji Electric soared on a report it will team up with Furukawa Electric to develop power chips for hybrids, while Nissan shares rose on plans to invest billion in a US electric cars plant with partner NEC. Regional airlines continued to experience turbulence, with Japan Airlines likely to seek around billion in emergency funding from the government, hit by slumping global travel and rising fuel costs.
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