Financial Times FT.com

Asia slips on financials and property shares

By Andrew Wood in Hong Kong

Published: May 20 2008 05:51 | Last updated: May 20 2008 11:10

Asia-Pacific shares fell on Tuesday to end a six-day rally. Oil prices stayed close to record levels and financial and property shares tumbled as profits at Macquarie, the Australian investment bank, fell short of analysts’ estimates and Credit Suisse downgraded Japanese developers.

The mood was further soured by Citigroup cutting its forecast for profits at Goldman Sachs and other big US brokers as a result of lower fees from trading and underwriting share issues this year.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this