Asian Markets Trading Mixed as Oil Stubbornly Holds Near Record High
Thursday July 03, 2008 23:47:00 EDT

(RTTNews) - The major Asian markets are trading on a mixed note on Friday following a mixed performance of Wall Street shares overnight and a continued surge in oil prices. The Japanese market appears on track to extend its lean patch, while the Hong Kong and the Australian markets are staging a solid recovery. The Chinese market that bucked the downtrend on Thursday, is showing some weakness in today's session. With the U.S. market remaining closed Friday on account of 'Independence Day', the markets in Asia may mostly focus on oil prices for determining their trading direction.

Most markets in Asia have been witnessing significant weakness in the recent sessions, as economic data points from the U.S. economy are pointing to a bleak outlook and oil prices are heading nor (continued...)