Hong Kong stocks dragged down by property shares Last Update: 2/8/2011 4:43:11 PM LOS ANGELES (MarketWatch) -- Hong Kong stocks fell into negative territory Wednesday morning after opening convincingly higher, with property shares leading the market down on concern about further policy tightening after Beijing lifted interest rates late Tuesday. The becnhmark Hang Seng Index lost 0.6% to 23,335.3, while the Hang Seng China Enterprises Index also fell 0.6% to 12,445.7. Helping weigh on Hong Kong shares, the Shanghai Composite lost 0.2% to 2,793.1 as it returned from the Chinese New Year holiday. Real-estate shares were among the loss-leaders: Sun Hung Kai Properties Ltd. dropped 1.3%, Hang Lung Properties Ltd. surrendered 3.5%, and Sino Land Co. was down 3.2%. Some airline shares also traded sharply lower in the wake of a tick-up in crude-oil futures overnight, with Air China Ltd. down 3.1%, and Hong Kong-based Cathay Pacific Airways Ltd. losing 3.3%.
No electronic flaws in Toyotas, study finds Last Update: 2/8/2011 11:30:29 AM Federal investigation finds that Toyota’s sudden acceleration problems were not caused by electronics. TM, GM
Brawl looms over energy tax proposals Last Update: 2/8/2011 10:52:13 AM A brawl over taxes on the oil and gas industry is looming as the White House prepares to release its budget for fiscal 2012 next week, with President Barack Obama pledging to strip oil companies of tax breaks and the industry vowing to fight back. XOM, CVX
Stocks gain on consumer appetite; Dow extends wins Last Update: 2/8/2011 12:10:32 PM Wall Street climbs, lifting the Dow Jones Industrial Average to a seventh day of gains, as investors embrace the latest corporate results. DJIA, MCD, SPX, COMP, KND, RHB, URBN, FDO, SBUX, CLH11, GCJ11
Commonwealth Bank profit hits record Last Update: 2/8/2011 4:51:09 PM Commonwealth Bank of Australia delivers a record first-half cash profit and says it remains ‘cautiously optimistic’ on its outlook for fiscal 2011 despite warning that funding costs continue to rise. AU:CBA, CBAUF
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