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Asian shares were mixed on Monday in holiday thin-trading, with banks in focus. Japan's benchmark Nikkei edged up 0.6 percent, as the yen retreated against the dollar. Exporters such as Sony gained in thin trade. But financials extended losses with Japan's largest bank Mitsubishi UFJ falling 1.7 percent. The dollar climbed back towards a two-month high versus a basket of currencies as weak economic data in Australia and New Zealand showed more signs of a global slowdown. Oil rose to 126 dollars a barrel, holding close to a record high on Friday. Crude prices continued to weigh on oil refiners such as Sinopec. In corporate news, three Chinese state-owned steel firms were reportedly looking for a stake in Australian iron ore miner. Sinosteel, Chinalco and Baosteel were looking at a 16 percent share to ease thirst of a much-needed raw material market in China. But the firms did not confirm the report. Hong Kong and Seoul were closed for bank holidays. Kitty Bu, reporting for Reuters
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Added: May 12, 2008 |
| Category: Business |
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