Entries from October 2009 ↓

NEW YORK, Oct. 29 (Xinhua) — Crude prices ended 3 percent higher on Thursday, rallying on news that U.S. economy grew faster than expected in the third quarter, raising hopes for a speedy recovery in energy demand.

Light, sweet crude for December delivery rose 2.41 U.S. dollars, or 3.0 percent, to settle at 79.87 dollars a barrel on the New York Mercantile Exchange.

Oil’s advance came as the U.S. Commerce Department said the world’s largest economy expanded by 3.5 percent in the third quarter of the year, more than analysts previously predicted, boosting hopes that U payday advance low fees.S. energy demand will be soon lifted by the economic recovery.

Meanwhile, robust gains on equities markets and losses in the U.S. dollar against other currencies also encouraged buying in the commodities markets.

In London, Brent Crude for December delivery gained 2.28 dollars to 78.14 dollars a barrel on the ICE Futures exchange.

BEIJING, Oct. 29 (Xinhua) — China Investment Corporation (CIC),the nation’s sovereign wealth fund, has invested half of its 110-billion-U.S. dollar available capital in the overseas market and has gained decent returns from it so far, China Daily reported Thursday.

The newspaper said, citing the CIC chairman Lou Jiwei, that the company had reaped not bad returns from its investment so far this year but was not able to guarantee those returns would still be good by year-end as this depended on various factors.

The nation’s 200-billion-U.S. dollar fund, which has been on a bumpy road since it was established over two years ago, stepped up its overseas investments from the second quarter of the year when the global financial market started stabilizing and investor sentiment bounced back empire payday loans.

It mainly invested in publicly traded assets through experienced external fund managers this year, and also made some direct investments in the mining, energy and real estate sectors, according to Lou.

As some fundamental problems of the global financial market remained unresolved, the CIC chairman said he could not rule out the possibility of a “second dip” in the global economy.

Like many other sovereign wealth funds across the world, CIC, which manages part of the nation’s colossal foreign exchange reserves, has seen part of its investments sour during the global financial tsunami.

China’s sovereign wealth fund getting decent returns

Filed at 3:01 a.m. ET

BRUSSELS (AP) — ArcelorMittal SA, the world’s largest steel maker, on Wednesday posted a $903 million profit in the third quarter, its first after three consecutive quarterly losses.

ArcelorMittal chief executive Lakshmi Mittal said the July-September period showed the first signs of recovery in the steel market after the global recession caused demand to plunge for steel used to make cars, machinery and buildings.

“We should continue to see further gradual improvement through 2010, although the operating environment remains challenging,” Mittal warned.

Third quarter profit was down 76 percent from the same period last year when the company made $3.82 billion. Sales were $16.18 billion, down more than half from $35.19 billion a year ago — and only a slight increase on $15.17 billion in the second quarter.

The company says it expects higher shipments and steel prices in the fourth quarter.

It is slowly restarting steel mills and furnaces that it stilled late last year. It was running at only 50 percent capacity in the second quarter, increasing that to 61 percent in the third quarter on line pay day loans. It now plans to take that up to 70 percent in the final three months of 2009.

ArcelorMittal warned that sales are still “substantially lower” than a year ago and are less profitable because the economic crisis has also triggered a steep fall in selling prices.

Its European flat carbon and global stainless steel and services divisions continued to report a loss in the third quarter.

The company said it has met a target to make $2.2 billion in longer-term savings this year, which included a voluntary redundancy program for workers.

It has also reduced its net debt to $21.6 billion — down $10.9 billion from a year ago. Much of that debt was built up from an ambitious expansion program in emerging nations. It said it now planned to reinitiate growth projects in some key emerging markets.

ArcelorMittal Turns Profit After Losses in 3 Quarters

TOKYO (Reuters) – Honda Motor Co (7267.T) nearly tripled its annual profit forecasts and more upside may be ahead, with the company taking a conservative view on the yen and with the effect of easing government incentives unknown.

Honda, the world's seventh-biggest car maker, has weathered the industry turmoil that drove two U.S. automakers to bankruptcy this year better than many as its profitable and dominant motorcycle business cushioned the blow.

Sales by the maker of Honda Civic cars have also turned up thanks to government sales incentives such as the United States' cash-for-clunkers program. That has helped Honda and others gradually lift production levels from a nadir earlier this year.

"The strong results and conservative views on the second half and currency rate assumptions will be positive for Honda's stock price," said Fumiyuki Nakanishi, manager at SMBC Friend Securities in Tokyo. "The stock will probably surge tomorrow."

Honda lowered its average dollar assumption to 85 yen from 90 yen for the October-March second half of its financial year to next March, lower than around 92 yen in trading on Tuesday. A weaker dollar crimps Honda's earnings in yen terms.

Honda bumped up its global car sales forecast for the full year by 3.3 percent to 3.40 million units from 3.29 million.

Still, some voiced caution about the longer-term outlook as the effect of government stimulus schemes fades and competition from rivals in South Korea heats up.

"I would like to wait a little bit more to see the effect of the end of government incentive programs before talking about Honda's outlook for the next year on," said Kazutaka Oshima, CEO of Rakuten Investment Management in Tokyo.

He added that Japanese makers were losing their quality advantage that could have made up for the price gap with their South Korean rivals such as Hyundai Motor Co (005380.KS), which he called Honda's "real rival."

Hyundai, the world's No.4 automaker by sales in the first half of this year when combined with affiliate Kia Motor Corp (000270.KS) last week beat forecasts with a record quarterly net profit that analysts said posed a threat to Japanese automakers cheapest personal loan rates.

FORECASTS NEARLY TRIPLED

Honda on Tuesday nearly tripled its operating profit outlook to 190 billion yen from 70 billion yen for the full year to March 31, 2010.

The seventh biggest car maker by first-half sales also nearly tripled its net forecast to 155 billion yen from 55 billion yen.

That topped consensus forecasts from 21 brokerages for Honda's operating profit for the full year to March 2010 to hit 139 billion yen, with net profit of 113 billion yen.

For July-September, Honda's operating profit fell 56 percent to 65.54 billion yen ($712 million) from 148.85 billion yen in the second quarter last year as sales volumes fell and the yen strengthened against the dollar.

The result beat an estimate of 42 billion yen in a poll of five analysts by Thomson Reuters I/B/E/S.

Net profit, which includes its earnings from the red-hot Chinese market, was 54.04 billion yen, against 123.32 billion yen last year.

Rivals Toyota Motor Corp (7203.T) and Nissan Motor Co (7201.T) are also expected to report improved second-quarter earnings next week, but Honda is seen making the most profit by far for the full year, partly due to its more flexible operations, fewer exports from Japan and a slim car line-up.

Still, auto executives are concerned about volatile currency moves and repercussions on demand when government stimulus measures around the world end.

Honda's sales in Japan, for one, have been powered by generous tax reductions on hybrids such as its new Insight model, and executives have said sales could suffer when the incentives run their course.

Shares of Honda gained 3.9 percent during the second quarter, outperforming Tokyo's transport sector subindex (.ITEQP.T), which was flat. In contrast, Hyundai shares jumped 50 percent during the same period.

Honda ended down 1.9 percent at 2,845 yen on Tuesday before the results were announced, against the transport sector's 1.7 percent fall.

(Reporting by Chang-Ran Kim; Writing by Chris Gallagher; Editing by Rodney Joyce)

Honda nearly triples outlook, more upside seen

TOKYO (Reuters) – Shares in Japan and South Korea rose on Monday, with Seoul lifted by strong economic growth data, while the dollar slid after a Chinese article said Beijing should raise its euro and yen holdings in its reserves.

Shares in Europe were set to open flat. Financial spreadbetters expect Britain's FTSE 100, Germany's DAX and France's CAC to open a few points higher.

The MSCI index of Asia-Pacific shares excluding Japan was steady, holding below a near-15-month peak set last week, while S&P futures were flat, pointing to a stable start on Wall Street later.

South Korea's economy grew 2.9 percent in the July-September quarter, its fastest clip since early 2002, but much of the growth came from inventory building, making analysts doubt the central bank could raise rates this year.

The Korea Composite Stock Price Index closed up 1.03 percent, lifted by foreign buying, with retailers such as Shinsegae Co Ltd gaining on hopes for improving consumption.

Korean pharmaceutical firm Green Cross also helped, rising 14 percent. The United States declared 2009 H1N1 flu a national emergency and the Food and Drug Administration granted emergency use authorization for an experimental new drug for which Green Cross has the sole domestic license to manufacture and distribute.

In Australia, the main index ended 0.6 percent lower as banks slipped ahead of earnings this week, while Shanghai's main index fell 0.3 percent, with travel-related stocks down on the U.S. flu declaration and health-related shares up.

Hong Kong and New Zealand markets were shut for a holiday.

Japan's Nikkei average ended up 0.77 percent at 10,362.62, its highest close in four weeks, although it is still well below its 2009 peak. Traders said it was supported on the charts by its 75-day and 25-day moving averages at 10,250.

Exporters such as Honda Motor Co got some relief from the yen's recent retreat from strong levels, while machinery maker Kawasaki Heavy rose on a report of a high-speed rail project in China.

"The market is optimistic about Japanese earnings as the reporting season heads into full swing," said Kenichi Hirano, operating officer at Tachibana Securities.

Japan Airlines, which is seeking aid from banks and the government, gained 2.63 percent after a report that a state-backed body would oversee its turnaround.

DOLLAR TRIPS BUT LOSSES SMALL

On Friday, U low interest personal loan.S. shares fell as weak results from industrial companies overshadowed stronger ones from tech and retail firms.

The Dow Jones industrial average closed down 1.08 percent, the Standard & Poor's 500 Index fell 1.22 percent and the Nasdaq Composite dropped 0.5 percent.

The dollar hit a 14-month low against the euro after an opinion piece in the Financial News, a paper published by the People's Bank of China, said the dollar should remain the principal currency in China's foreign exchange reserves but the share of euros and yen should increase.

Markets are watching to see how concerned policy makers are globally about the dollar's recent weakness. European Central Bank Governing Council member Christian Noyer, speaking in Singapore, made no comment on the euro against the dollar, which speculators took as an excuse to push the single currency higher.

The euro rose as far as $1.5064 while the dollar slipped 0.1 percent to 91.94 yen.

"The comments from China are pretty strong and that is supporting the euro," said Tony Bieber, forex analyst at Suncorp.

The dollar index, a gauge of its performance against six other major currencies, fell 0.1 percent to 75.365 and back toward a 14-month low of 74.940 touched last week.

The Australian dollar hovered below a recent 14-month peak, after producer prices data showed only a modest rise, taking pressure off the central bank for an aggressive rate rise in November to follow an increase in October.

Copper prices rose, with London and Shanghai both around 13-month highs, supported by Chinese import data and the softer dollar..

Oil fell for the third day and U.S. crude futures slipped below $80 a barrel to $79.90 as investors took profits on cautiousness about the fragility of the global economic recovery.

Gold held below $1,060. The metal was undermined by weak physical demand, keeping prices below this month's record highs above $1,070 per ounce.

U.S. Treasury prices dipped as investors braced for a record wave of issuance this week, with the December 10-year future falling 6/32 to 117-13/32.

(Additional reporting by Jungyoun Park in Seoul, Satomi Noguchi and Aiko Hayashi in Tokyo and Claire Zhang and Edmund Klamann in Shanghai; Editing by Neil Fullick)

Asian shares uneven; China article trips dollar

After enduring falling profits and slumping sales, could Microsoft finally have its reboot moment?

On Friday, the software giant said that its quarterly sales had fallen sharply from a year ago as its business customers cut their investments in new computers and software.

But Microsoft pulled off a profit that beat expectations and said it had trimmed its operating costs and was beginning to see a rebound in the demand for video games and consumer programs. The share price rose 5.4 percent Friday, to close at $28.02.

Microsoft, which began laying off 5,000 workers this year, also said it had reduced its operating costs by 7 percent in the face of an economic downturn that choked off spending on software and personal computing products. And it said it did not expect to increase its operating spending next year, which could support its bottom line.

The company reported earnings of 40 cents a share for the quarter, a decline of 17 percent from the previous year, but a better result than analysts’ expectations of 32 cents a share.

On Thursday, Microsoft introduced its new Windows 7 operating system, hoping that a new version of the company’s flagship product could help turn the page on the widely criticized Windows Vista system.

Microsoft said it had pushed back $1.47 billion in revenue on computers with Windows Vista that would receive upgrades to Windows 7. Without that deferral, Microsoft said its earnings per share would have been 52 cents instead of 40 cents.

“We expected to see some positive impact from Windows 7, but this is the first time it’s been crystallized in the numbers,” said Kevin Buttigieg, a technology analyst at FTN Equity Capital Markets.

Between the glints of hope in Microsoft’s earnings and positive early reviews of Windows 7, analysts said that Microsoft’s outlook was improving after a bruising year free credit report without a credit card.

Microsoft, maker of the Windows operating system and popular programs like Internet Explorer and Word, reported net income of $3.57 billion for its fiscal first quarter, which runs from July through September.

“We are very pleased with our performance this quarter and particularly by the strong consumer demand for Windows,” said Chris Liddell, Microsoft’s chief financial officer. “We also maintained our cost discipline, which allowed us to drive strong earnings performance despite continued tough overall economic conditions.”

Investors seemed heartened by the profits, and pushed Microsoft’s shares 5 percent higher even as the broader market sold off.

Over all, Microsoft reported total revenue of $12.92 billion for the quarter, a 14 percent decline from a year ago that reflected falling sales in its Windows and Windows Live division and its Microsoft Business division.

Microsoft, like many technology companies, has grappled with falling sales over the past year as consumers bought fewer new computers and cautious businesses cut their investments in software and technology, meaning few sales of Microsoft Office software and servers for Microsoft.

In a sign of how bad things were, Microsoft announced at the beginning of the year that it would be cutting 5,000 jobs.

Microsoft said that its operating costs fell by 6.9 percent in the last quarter compared with a year ago, reflecting cuts to spending on research, sales and marketing and administrative costs.

Microsoft Beats Profit Forecast

RIYADH (Reuters) – SABB bank (1060.SE), HSBC's Saudi affiliate, booked 351.5 million riyal ($93.7 million) in provisions for loan losses during the third quarter, bourse data showed on Saturday.

SABB reported a worse-than-expected 19.8 percent drop in third-quarter net profit, hit by an increase in provisions for bad loans.

The data also showed that Aljazira Bank (1020.SE) made provisions for loan losses of 115.7 million riyals during the third quarter, the lender's highest in at least one year, while Saudi Investment Bank (SAIB) (1030.SE) booked 60 million riyals for the same purpose, its the highest this year.

Aljazira reported a 14 percent increase in third-quarter net profit [ID:nLE169399] while SAIB tripled its net profit during the same period.

The provisions have been widely expected amid concerns over the solvency levels of heavily indebted Saudi conglomerates Saad Group (SAADG.UL) and Ahmad Hamad Algosaibi & Bros (AHAB).

Unlike their peers in the Gulf Arab region, Saudi banks have not disclosed the level of their exposure to these two firms and this keeps analysts wondering whether any newly booked sums would be high enough to fully cushion them against anticipated losses equifax free credit report.

A Saudi government panel has brokered a deal between Saad Group and Saudi lenders but neither party disclosed the details of the agreement.

Saudi central bank governor Muhammad al-Jasser said last week that Saudi banks would make sure they have enough provisions for doubtful debts. Jasser has once in the past encouraged Saudi banks to keep the level of their exposure to the two groups secret.

Saad and AHAB are at the center of an estimated $22 billion debt implosion. The two firms are battling in court over alleged financial irregularities in the wake of a debt restructuring.

Standard & Poor's has said it found banks in Saudi Arabia and the United Arab Emirates accounted for almost two-thirds of the total net exposure to the conglomerates of the 30 commercial banks it rates in the Gulf.

(Reporting by Souhail Karam; Editing by Sugita Katyal)

Saudi SABB bank books $94 mln for Q3 loan losses

Stocks moved upward on Thursday, riding momentum from stronger-than-expected earnings reports despite a round of jobless figures that showed persistent weakness in the labor market.

An assortment of companies, from AT&T to Xerox, reported higher-than-expected earnings, feeding the hopes of investors that the earnings season would remain positive. AT&T said it earned $3.19 billion, or 54 cents a share, in the third quarter as the Apple iPhone helped attract two million new wireless customers. Its profit topped Wall Street forecasts for 50 cents a share.

Adding to the optimism, a report on leading economic indicators released Thursday showed an improved outlook for the general health of the economy.

The Dow Jones industrial average rose 131.95 points, or 1.33 percent, to 10,081.31, one day after it closed below 10,000. The Standard & Poor’s 500-stock index jumped 11.51 points, or 1.06 percent, to 1,092.91. The Nasdaq composite index gained 14.56 points, or 0.68 percent, to 2,165.29.

At the same time, several banks and energy companies, including Fifth Third Bank and Consol Energy, showed disappointing earnings, but share prices of energy and utilities rebounded as the broad market rallied late in the session. Financial stocks drove much of the increase, as did better-than-expected reports from heavyweights like McDonald’s and 3M.

After the market closed, there were more optimistic signs in quarterly reports from American Express and Capital One.

EBay surprised investors when it reported its earnings had dropped 29 percent, to $349.7 million, or 27 cents a share. Shares of eBay fell $1.06, or 4.23 percent, to $23.97. Amazon.com, by contrast, outpaced expectations, and investors said strong retail sales were boding well for the holiday season.

Several large companies, including the cigarette producer Philip Morris International, Xerox, and Dow Chemical, reported diminishing sales, but still outpaced expectations auto loans for people with bad credit.

The generally upbeat company reports seemed to eclipse data from the Labor Department showing that the number of newly laid off workers filing jobless claims last week rose to 531,000 from 520,000 a week earlier. That figure was higher than economists had predicted, and it led to concern that the unemployment rate would continue its march upward.

Investors seemed to mostly ignore that bit of news, however, propelling stocks upward.

“The sentiment right now is to drive this thing home strong and that remains constant and consistent,” said Randy Cass, founder of First Coverage, which is based in Boson. “Unless there is a completely unbelievable data point, they’re not getting the heebie-jeebies.”

Still, the jobless numbers were distressing to some investors.

“The pickup there is definitely concerning,” said Jeffrey A. Hirsch, editor of the Stock Trader’s Almanac. “It probably surprised a few people more so than they’re willing to admit.”

Overseas, the Nikkei stock average in Japan fell 0.64 percent. The FTSE 100 in Britain declined 0.96 percent, the DAX in Germany index fell 1.21 percent, and the CAC-40 in France dropped 1.35 percent.

The dollar, which fell to $1.50 against the euro on Wednesday, its lowest level in more than a year, continued to teeter at that threshold, though it rebounded slightly early in the day, prompting investors to turn away from other commodities like gold and oil. By the end of Thursday, it had returned to $1.50.

The price of crude oil hovered at $81.23, down slightly.

Interest rates were little changed. The Treasury’s 10-year note fell 7/32, to 101 24/32, and the yield rose to 3.41 from 3.39 late Wednesday.

Stocks & Bonds: Trading Gains on Profits Despite Job Loss Reports

THERE is a scene in the pilot episode of “Mad Men” when the creative genius Don Draper suggests in a client meeting that a campaign for Lucky Strike use the slogan “It’s toasted” to play up how the cigarettes are made. A junior Lucky Strike executive responds, “But everybody else’s tobacco is toasted” — an argument brushed aside by the senior executive in the room.

And a pioneer of modern advertising, Claude C. Hopkins, created ads for Schlitz beer that proclaimed its bottles were “washed with live steam.” That step was a standard part of the brewing process, but it became the focus of what was a hugely successful campaign.

Likewise, the Microsoft Corporation regularly asks PC users for feedback about its products. But after the debacle with Vista, the operating system nobody liked, the company and its advertising agency, Crispin Porter & Bogusky, realized that the concept of consumers as an intrinsic part of the development process could be an effective selling point for the Vista replacement, Windows 7.

And so was born a campaign, getting under way on Thursday in six countries, carrying the theme “I’m a PC and Windows 7 was my idea.” It is to run at least through the end of the year, to take advantage of the computer buying that usually takes place during the holiday shopping season.

The campaign is extensive, like the “I’m a PC” campaign, also by Crispin Porter, part of MDC Partners, which began in September 2008, and the campaign to introduce the Bing search engine, by JWT, a unit of WPP, that started in June.

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There will be television commercials for Windows 7, along with print ads, banner ads online, outdoor posters and branded-entertainment elements with the Fox Broadcasting division of the News Corporation. Those include a 30-minute variety special on Nov. 8, produced by the creator of “Family Guy,” Seth MacFarlane, and tailored segments during pre- and postgame football programming.

For instance, Windows 7 will sponsor a seven-word recap of a game after it ends. (Take that, Twitter.)

There are other seven-centric aspects to the campaign, among them video clips on YouTube and windows.com, each seven seconds long, demonstrating Windows 7 features, and an invitation to computer users to create similar seven-second videos about features they like.

That invitation, of course, also reinforces the idea that Windows 7 was, as they say in Ziploc ads, “designed with you in mind.” Another way that is expressed is by featuring actual Microsoft customers — as well as employees — in the ads.

And many ads use a slogan, “1 billion = 7,” suggesting that the billion people who use PCs helped bring forth the new operating system.

“Our customers co-create the product with us,” said David Webster, general manager for brand and marketing strategy at Microsoft in Redmond, Wash. “We’re using the customers’ voice to tell our story.”

Mr. Webster summarized the points the ads make: “You told us you want it simpler, we made it simpler. You told us you want it to boot faster, it boots faster.”

In one poster ad, these words are superimposed over a photograph of a woman: “I asked for it to use less memory used car loans. Now it uses less memory. I’m a tech goddess.”

In another poster ad, these words appear over a photo of an older man: “I suggested they make it less complicated. Guess what? Now it’s less complicated. I so rule.”

In commercials, Microsoft engineers say, “Bring it on; what do you got?” PC users fire back with pithy phrases like “Less clutter, just less clutter.” And the engineers reply: “Loud and clear. We’re all over it.”

A top creative executive at Crispin Porter acknowledged the tried-and-true approach the campaign takes.

“The whole promise, ‘We’ve heard you,’ it’s not a brand-new technique,” said Rob Reilly, partner and co-executive creative director at Crispin Porter, based in the Boulder, Colo., office. “But a big company listening to consumers is the way the world is going.”

“It’s about how software for the people is now software for the people and by the people,” he added.

The campaign does not address the epic fail of Vista — or as Mr. Reilly put it, “the issues that came with the previous operating system.”

Still, it provides a subtext for the ads in that “there’s a heightened sense of getting this right,” he said.

The Windows 7 campaign could benefit from widespread perceptions that the bing.com ads and the “I’m a PC” campaign are working.

The “numbers are up significantly” in research about Microsoft, Mr. Webster said, as more consumers say they agree with statements like “Windows is easy to use,” “PCs are a good value” and “I feel good about this brand.”

“Having an ongoing communication with our customers has had a large impact on overall favorability,” he added.

And early coverage of Windows 7 has been positive, carrying headlines like “Win 7: Microsoft Gets It Right (Finally),” in BusinessWeek, and “Microsoft Reboots,” in Fortune.

The reaction at Crispin Porter was “Wow, this is a product we can really stand behind,” Mr. Reilly said, compared with Vista, which “wasn’t the right product” to help “build pride back into PC users.”

•

When Mr. Reilly was asked about any similarity between what he and Don Draper do for clients, he laughed and said, “I don’t want to be called Don Draper; my wife will be reading this.”

Still, the Windows 7 campaign, like the Lucky Strike campaign, is about the effort to “find the truth in what’s part of the brand DNA,” Mr. Reilly said, supported in this instance by “the authenticity of being able to take real people from around the world and tell their stories.”

The six countries where the Windows 7 ads are to appear initially are Australia, Britain, Canada, France, Germany and the United States. Others are planned to follow in several weeks.

Advertising: The Billion Designers of Windows 7

BANGKOK – Asian stock markets faltered Wednesday as weak U.S. housing starts tempered optimism about better-than-expected corporate earnings.

The region’s modest fall followed losses on Wall Street after the Commerce Department said applications for home building permits fell in September by the largest amount in five months.

That is a discouraging signal for future construction in the world’s largest economy and diluted the enthusiasm generated by a string of improved quarterly earnings from U.S. corporate heavyweights.

A fall in oil prices from a year high hit Tuesday and drops in other commodities as the dollar steadied also weighed on Asian markets.

Japan’s market bucked the trend with the benchmark Nikkei 225 stock average recouping early losses to rise 10.96 points, or 0.1 percent, to 10,347.80.

Hong Kong’s Hang Seng dropped 31.38, or 0.1 percent, at 22,353.58 and South Korea’s Kospi retreated 0.5 percent to 1,651.95.

Elsewhere, Australia’s index slipped 0.1 percent, Singapore’s market was down 0.5 percent and China’s Shanghai benchmark fell 0 no fax payday advance.2 percent.

In the U.S. on Tuesday the Dow fell 50.71, or 0.5 percent, to 10,041.48.

The broader Standard & Poor’s 500 index fell 6.85, or 0.6 percent, to 1,091.06. The index, the basis of many mutual funds, is up 61.3 percent from a 12-year low in early March.

Stock futures pointed to another weak session for Wall Street on Wednesday. Dow futures were down 11, or 0.1 percent, at 9,989.

Oil prices fell for a second day in Asia as investors eyed a bigger-than-expected U.S. crude inventory increase and weak economic data.

Benchmark crude for December delivery fell 47 cents to $78.65 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract slid 84 cents to settle at $79.12 on Tuesday.

In currencies, the dollar rose fell to 90.63 yen from 90.69 yen. The euro fell to $1.4929 from $1.4933.

Asia markets fall after weak US housing figures