COMPANIES Asia-Pacific shares were broadly lower after statistics suggested that Japanese companies cut capital spending last quarter at the fastest rate for six years. However, Chinese shares were higher on a report that the government may support the country’s banks by injecting funds.
News of a merger between two of Japan’s biggest resources companies, Nippon Oil and Nippon Mining, failed to excite the broader market even though both companies’ shares rose as much as 16 per cent.
