Market Report - Samsung Disappoints; Markets Dip

ZHANG: Consumer electronics giant Samsung disappointed investors Friday. The company faces a tough chip and mobile phone market ahead. The world's No.1 memory chip and LCD screen maker is valued at $85 billion, earning over $2.1 billion in the last three months--but below expectations. Korean rival Hynix Semiconductor has already announced that it will suspend output at its U.S. plant and consider selling it. Overall, Asian market optimism from earlier in the week faded on Friday, after U.S. housing and jobs data again renewed concerns about the global economy. Financial institution jitters again weighed on regional confidence, with National Australia Bank shares plummeting after the company reported a near $800 million loss due to exposure to bad U.S. loans. Even oil disappointed Asian markets, inching higher after falling to its lowest price per barrel in seven weeks. Still, global inflation was at recent peaks, with core prices in Japan at a decade high in June, mainly on the back of soaring energy costs.

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YouTube | July 28, 2008

Tags:. .near. .june. .jobs. .japan. .per