World markets primarily had a down day on Tuesday.
Asian Development Bank reported an update for Developing Asia (a group of 45 economies including China,India, Tajikistan, Somoa and Indonesia), increasing growth rate expectations to 8.2% in 2010 while keeping projections for 2011 the same at 7.3% as investors continue to see potential in emerging markets.
In Japan, the BOJ (Bank of Japan) to further debate economic easing next week. While Japan's markets were having a down day, this announcement gave some support while a stronger yen was pulling stocks downward.
Japan's Nikkei closed down 107.38 points, or 1.12%, to 9,495.76.
It's official -- Japan's third largest consumer lender, Takefuji is filing bankruptcy.
Toyota announced that it is entering into the mini-car market. Shares closed down .67%.
Exporters once again struggled. Kyocera lost 2.2% and Sony gave back 1.1%.
In China, tensions with the U.S.A. are still rising as the U.S. House of Representatives is expected to pass a bill this week that will treat the yuan currency as an export subsidy. This will increase the U.S. Department of Commerce's ability to impose duties on Chinese products. Even if the House passes the bill, it will still have to be approved by the Senate.
Topical -- Huang Guangyu, founder of Gome Electrical Appliances, is still waging his war to regain control of the Company. Shareholders are scheduled to vote on replacing 2 existing board members with Guangyu's sister and lawyer. Unfortunately for Guangyu, the multi-millionaire cannot personally resume the position as he is imprisoned for a variety of crimes regarding insider trading and illegal business practices, but that has not stopped him for remaining a popular figure to the shareholders.
The Shanghai Stock Exchange ended the day down 16.61 points, or .63%, to 2,611.35.
Airline stocks were the big losers on the Shanghai Exchange as China Eastern Airlines lost 2.5% and Air China dropped 3.8%.
The Hang Seng dropped as well; closing down 1.03% to 22,109.95.
Elsewhere, the smaller markets mostly dropped:
South Korea's Kospi decreased .26% to 1,855.97.
Australia's S&P/ASX 200 fell .012% to 4,669.800.
India's Sensex lost .06%.
Malaysia's Kuala Lumpur Composite Index lost 5.07 points to 1,459.64.
Indonesia's Jakarta Composite Index was a winner as it rose .13%.
Shenzhen Composite fell .0627% to 1,217.686.
Taiwan's Taiex dropped .03%.
Singapore's Straits Times Index was down .52%.
New Zealand's NZX-50 closed down .28%.
Philippine shares were up .027%.
Shares in Thailand were down .332%.
