Hang Seng Index down as European worries return

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Source: Marketwatch
On Wednesday trade Hong Kong's Hang Seng Index lost 1.46% or 266.85 points closing at 17,989.35 as uncertainty on European sovereign debt crisis flashed back into markets. Resource companies that boosted index at the beginning of week pushed it back down on Wednesday. Aluminium Corp. of China Ltd. traded down 4.3% while Jiangxi Copper Co. declined 4.4%. Financial shares also hurt the index with Bank of Communications Co. and Agricultural Bank of China Ltd. each dropping 2.8%. Plunge in financial stocks was mainly caused by S&P downgrading of major international banks.

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Wed, 30 Nov 2011 14:24:26 GMT

Nikkei 225 experiences a slight decline

Japan's Nikkei Stock Average dropped 0.51% or 43.21 points on Wednesday trade and closed at 8,434.61. On monthly basis Nikkei 225 has lost 6.2%. Tech and resource stocks were among main decliners in the index. Sony Corp. lost 1.4%, Advantest Corp fell 2.7% while Elpida Memory Inc. edged down 5.6%. Metal producer Sumitomo Metal Mining Co. traded down 1.7%. In contrast, Olympus Corp. added 2.2% after rejecting

Wed, 30 Nov 2011 13:11:30 GMT

Allianz to restructure its property lines and decrease jobs

Allianz SE plans to restructure its real estate insurance operations in Germany; the revamp will involve layoffs and new products' launch being in line with the company's long-term strategy, reported Markus Riess, chief executive of Allianz Germany. The company projects the sales to achieve EUR9.5 billion by 2014 while currently it implements cost reduction strategy by eliminating 400 jobs by the same year.

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