(Repeats to more Asian clients)
Thu Mar 27, 2008 10:42pm EDT
By Louise Heavens
SINGAPORE, March 28 (Reuters) - Asian stocks mostly dipped on Friday, dragged down by financials, and the dollar eased on worries that the widening credit crisis would claim more victims on Wall Street.
Inflation fears were high on the agenda after oil traded around $107 a barrel, slightly off New York prices, but still 5 dollars shy of a record.
Market speculation that Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research) could suffer a fate similar to the near collapse of Bear Stearns (BSC.N: Quote, Profile, Research) pushed Lehman's shares down almost 9 percent in New York on Thursday. Lehman called the rumours "totally unfounded." [ID:nN27289860].
"Overnight we had the mark downs in the investment banks in the U.S. and that has translated across here this morning," said Jamie Spiteri, manager of institutional sales at Shaw Stockbroking.
Nagging worries about the health of the global financial system, rising inflation, and a murky outlook for corporate profits dented some stock indexes in the region.
Tokyo's Nikkei .N225 dipped 0.1 percent by the midsession.
Shanghai's benchmark .SSEC fell 0.3 percent, while Australia's S&P/ASX 200 index fell 1.3 percent, with Australia and New Zealand Banking Group Ltd (ANZ.AX: Quote, Profile, Research) down 4 percent. The bank is a secured lender to local margin lender Opes Prime Group, which was earlier placed under receivership. Continued...
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