Regional equity market have seen early loses erased on the back of the news that the US Govt may take a 40% stake in Citi Bank.
The Nikkei which was trading down 2.5% is currently down 0.2%. The ASX200 down 2.4% early morning is now down 1.4%. The HangSeng is 2.3% up and the Kospi up 2.1%.
Japanese Banks such as Mitsubishi UFJ and Sumitomo are now trading marginally up but non-bank lenders such as Acom and Orix were hurt by the news that the Financial Services Company SFCG had filed for bankrupcy with debts totalling Y340 Bio. SFCG down 19%.
In Sydney the ASX200 is down 44 points or -1.3%, clawing back half the losses from the open. Gold Miners once again gained on the back of a strong price. NCM up 1.6% & LGL up 1.5%. Other Miners such as BHP and RIO have seen their share price hit hard on the back of weaker metal demands. BHP -#%, RIO -5.2%, BSL(Bluescope Steel) -7.4% on the back of their warning to the market about underlying loses this Half.
