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Asian shares started the New Year on a cautious note on Wednesday, amid ongoing worries about a slowing global economy. MOREINFO: Asian shares mostly fell in cautious trade on Wednesday, pressured by losses on Wall Street and worries about a slowdown in the global economy. Oil and gold prices however kept within sight of record highs. SCRIPT: Asian shares started the New Year on a cautious note on Wednesday, amid ongoing worries about a slowing global economy. Hong Kong shares tracked falls on Wall Street with blue chip property stocks leading the slide. SOUNDBITE (Cantonese): Peter Lai is a Director at DBS Vickers. "I think 2008 will be difficult to predict becasue there are too many uncertainties. For example the subprime problems in the U.S. and in China the economy could cool down, plus the U.S. election and the Taiwan election. All this will contribute uncertainities in the Hong Kong stock market, so this year will be like a roller coaster." South Korea's Kospi also got off to a weak start after latest data showed a smaller-than-expected annual rise in exports in the month of December. In corporate news, Hyundai Motor, the countrys' top auto maker, announced ambitous sales targets for 2008, despite expectations for lower sales in the US where the fallout from the housing market is hurting demand. Mining stocks such as BHP Billiton however helped to boost the Australian share market. Oil prices also climbed above US$96 dollars a barrel as fresh violence in oil exporter Nigeria revived supply concerns. The US dollar meanwhile held steady as recent volatility made investors wary of taking positions ahead of key US economic data due later today,. Nina Mehra reporting for Reuters.