Market Report - Toyota Raises Output
2009-8-25 8:46
In today’s market report… oil fell below $74 a barrel, down for the first time in six days. It comes as Chinese shares plummeted on renewed concerns over the economic recovery.
The Shanghai stock index plunged after Premier Wen Jiabao said Beijing will keep its monetary policy loose as the economy faces new difficulties.
The news came as China said the country may raise domestic retail gasoline and diesel prices by around 6-8 percent this week, the fourth hike this year.
Elsewhere in Asia signals were mixed.
In Japan, Toyota plans to raise production in November for the first time in 16 months. That’s thanks to a recovery in auto sales driven by government incentives.
But analysts warn the boost may be short-lived and the company could reduce output again early next year when the government program ends.
In South Korea, flat-screen maker LG Display agreed with Chinese authorities to build a $4 billion panel plant in Guangzhou.
And Australia's largest brewer Foster's Group, posted a 3 percent rise in second-half profit as firm beer sales more than offset a slump in wine earnings, but warned that wine markets would remain tough.
