Market Report - Asia Stocks Drop

CHAN: Oil remained the big story on Friday, as Asia stocks dropped on Friday due to another record high in crude prices. Crude oil surged to a new peak above $124 a barrel as funds continued to pour into the market. The increase continues to affect Chinese oil refiner Sinopec, which fell around 3 percent in both Hong Kong and Shanghai markets. Japan's Nikkei dropped 2 percent, posting its first weekly decline in eight weeks. The benchmark index was dragged down by Toyota after the world's biggest automaker forecast a larger-than-expected profit decline. Other exporters, such as Honda and Sony, also fell sharply on a strong yen. Australian shares bucked the downtrend, due to strong commodity prices and a strong financial sector. The world's top gold miner, BHP Billiton rose more than 3 percent. And finally, National Australia Bank, the nation's top lender by assets, reported an 8 percent rise in first-half profit, sending its shares up.

YouTube | May 10, 2008