Asian markets decline on US Cues

Asian markets declined to seven week low in the early trading sessions on Mar. 10, 2008 (Monday), led by mining companies and automakers, after there was unexpected job cuts in the U.S. in February, which raised concern that the world`s largest economy is in recession.

Toyota Motor, Japan`s largest automaker, declined after the yen touched eight-year high on speculation the U.S. Federal Reserve will further cut interest rates.

The world`s biggest mining company, BHP Billiton, declined on concern that the metals demand will fall.

Japanese benchmark index Nikkei lost 183.02 points, or 1.44%, to trade at 12,599.78.

Hong Kong`s index Hang Seng declined 153.13 points, or 0.68%, to trade at 22,348.20.

China`s Shanghai Composite lost 110.59 points, or 2.57%, to trade at 4,189.92.

Taiwan`s Taiex index lost 149.81 points, or 1.76%, to trade at 8,381.57.

South Korea`s KOSPI lost 27.15 points, or 1.63%, to trade at 1,636.82.

Singapore`s Straits Times lost 1.70 points, or 48.83%, to trade at 2,817.45