Early trades saw Asian markets falling with the MSCI Asia Pacific Index lowest in nearly 6 weeks. The plunge was due to the commodity rates. Mitsubishi Corp declined 5.5%, Honda Motor fell 2.5% and BHP Billiton declined 4%.
Australia’s S&P/ASX fell 3%. The Nikkei index was low by 2.7%. The Hang Seng index was low by 3.1%. Straits Times dropped 1.8%.
The MSCI Asia Pacific Index declined 2.5% to 99.36 as of 11:17 a.m. in Tokyo.
GCL-Poly Energy settled on obtaining a solar-cell parts manufacturer in China for HK$26.3bn to knock increasing demand for renewable energy in India.
GCL-Poly will obtain a 100% of Jiangsu Zhongneng Polysilicon Technology Development Co.
The buzz is that Japan is likely to withdraw a scheduled US$1.5bn loan for Venezuela’s El Palito and Puerto La Cruz oil factories. The Japan Bank for International Cooperation is evaluating loans for the advances after Venezuela captured Japanese iron and chemicals assets and could not make payments to oil-service suppliers.