ASIA MARKETS: Hong Kong, Tokyo Stocks Flip-flop

By V. Phani Kumar

Most Asian markets were unsettled Thursday, with stocks in Japan and Hong Kong struggling to hold on to gains after a decline in Wall Street, while energy stocks declined across the region on sliding crude-oil prices.

Honda Motor Co. tumbled in Tokyo a day after it slashed the profit outlook while a strengthened yen hurt other exporters such as Canon Inc.

In Sydney, Commonwealth Bank of Australia shares plummeted as trading resumed after the bank finalized a A$2 billion ($1.4 billion) capital raising plan and after CBA said its loan impairment charges were expected to be higher than analyst estimates.

Chinese property stocks advanced in Hong Kong after Beijing announced measures to stimulate demand for homes Wednesday, but shares of some Hong Kong developers declined as banks held on to their interest rates in spite of a one percentage- point reduction by the Hong Kong Monetary Authority in its key interest rate.

Five Year-end questions for Wall Street

By David Weidner

NEW YORK (Dow Jones) -- Wall Street was forever changed during this year, but it may be a while before we can tell if its more sinister components were on the road to reform or a rebirth.

As we near the end of 2008, investment bankers, traders, investors and everyone connected to our financial system is wondering what will happen next. Will the machine continue to break down, or have we already started down the path to recovery?

No one is willing to bet on the outcome, but some simple questions may soon be answered that will give us a better idea whether the business of investing and dealmaking will regain a place in our society, or whether it will be frozen out by unbridled greed.

What follows are questions about Wall Street, the Wall Street of capital markets, corporate finance, strategic advice and securities. These are not meant to be questions whose answers will tell us about the future of the economy. It's not a discussion of interest rates and taxes and monetary policy.

ASIA MARKETS: Tokyo Stocks Rebound, Hong Kong Stocks Waver

By V. Phani Kumar

Japanese shares advanced Thursday as investors bought into banks and property developers at bargain prices, but Honda Motor Co. declined a day after it slashed the profit outlook while a strengthened yen hurt other exporters such as Canon Inc.

Australian shares dropped after an overnight decline on Wall Street and in crude-oil prices. The market also was weighed down by Commonwealth Bank of Australia, which slumped as trading resumed after the bank finalized a A$2 billion ($1.4 billion) capital raising plan and after CBA said its loan impairment charges were expected to be higher than analyst estimates.

In Tokyo, the Nikkei 225 Average ended the morning trading session up 0.9% at 8,687.04 reversing early losses, while the broader Topix index gained 0.3% to 841.10.