Investor's Jitters Keep Asian Markets Steady Today

Asian shares were flat today, lacking any strength for big moves as investors are worried about the U.S. fiscal cliff of upcoming tax hikes and spending cuts. They also are worried over the delay in releasing more funds to bail out Greece.

The Nikkei rose today, breaking a long skid of 7 days. The benchmark was up 6.91 points to 8667.96. U.S. companies Intel (INTC)and Qualcomm (QCOM) are ready to invest $378 million dollars into Sharp sending that stock up 6.6 percent.

Shares in Hong Kong recovered for ma one month low today as metal companies soared on a report that Beijing was once again storing stockpiling metals. The Hang Seng rose 190.10 points and the Shanghai was down 2.27 points today. Chalco (601600.SS) the country’s biggest aluminum produce was up 5.29 percent and Angang Steel (0347.HK) was up 2.22 percent.

The Kospi in South Korea closed flat losing 0.4 percent. LG Electronics continued to rise gaining 2.93 percent after Shinhan Investment expected LG to boost smart phone sales to take on HTC as the country’s biggest smart phone maker in Q4.

Australian shares hit 7 week lows but closed higher. The S&P/ASX was up 12.20 points to close at 4392.00.

U.S. markets have now hit 3 ½ month lows as the DJIA lost 58.90 points to close at 12756.18, the S&P500 lost 5.50 points and the NASDAQ dropped 20.37 points. The NASDAQ is now down 10 percent from its September 21 high.

Home Depot (HD) rose 3.63 percent after raising its outlook as the housing market continues to improve. Microsoft (MSFT) fell another 3.22 percent and Intel (INTC) also dropped 2.34 percent.

Investors will be watching today’s Producer Price Index (PPI) for inflation signs as well as business inventories. Both set to be released later today in U.S. trading.

DISCLOSURE And DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

By David Frank