Asian market preview 14/04/2008

US markets tumbled on Friday after earnings report from GE shocked investors and analysts and turned them into selloff mode. The report showed that GE's profit dropped by 6% and missed analysts' estimate, which is very rare for GE. The company also lowererd its full year earnings forecast to little or no growth for all of 2008. This report heightened fears of more grim earnings news and profit outlook to come out in very near term. Markets may face more wild ride as more earnings from banks and also inflation data to come out this week. The Dow plummeted 256.56 pts or 2.04% to 12325.42, S&P500 fell 27.72 pts or 2.04% to 1332.83 while Nasdaq tumbled 61.46 pts or 2.61% to 2290.24.

Asian markets may opened lower today following the shocking earnings report from GE and more worries are to be expected by investors to come out of the US. Investors in Asia however, will also pay close attention to the respective countries earnings prospect and report to gauge the local market. Meanwhile, US$ rose against major currencies after G7 raises concern about the Dollar weakness might disrupt global economy and financial markets. JPY was traded around 101.24ish after closing at 100.95 on Friday. Crude oil fell below $110 and was recently traded around $109.80ish and gold traded around $918.30ish. Nikkei futures closed down at 13040 compared to the close of 13215 here on Friday.

The Kospi may open lower today and take a breather after US stock markets went back into panic and selloff mode on Friday. The index may open around 225ish and may go lower further if investors should decide to lock in recent profit gains. However, gauging from the strength of the market, losses might be limited and markets may start to climb up again. Local investors may also pay close attention to South Korea's economic state.

Hangseng may open lower around 24000ish and may fall further towards 23800ish today. China market may play a part again today and help investors see which direction the market is going to go during the day. Nervous investors may selloff further following the news to come out of China regarding its inflation state and also more earnings report will be paid close attention by investors. Should Hangseng able to sustain its losses and rise up, it will go towards 24800 level.