HONG KONG (Reuters) – Asian stocks edged lower for a fifth day while the U.S. dollar rose to a three-year high against a basket of currencies on Wednesday, after Federal Reserve Chairman Ben Bernanke gave a grim view on the financial sector.
Australian shares dropped to the lowest since August 2003 after a report showed gross domestic product unexpectedly shrank in the fourth quarter for the first time in eight years, as the steep slowdown in global demand tore through Asian economies.
Days after American International Group (AIG.N) posted the largest U.S. corporate loss ever and received a $30 billion government bailout -- its second rescue -- Bernanke left open the possibility that even more money may be needed to stabilize the banking system, 19 months after the financial crisis broke out globally.
"There are concerns about revenue growth for banks due to slowing global and domestic economies," said Savanth Sebastian, equities economist at broker CommSec in Australia.
Japan's Nikkei share average (.N225) fell 0.8 percent, with stocks of struggling automakers such as Honda Motor Co (7267.T) and Toyota Motor Corp (7203.T) among the biggest drags on the index. The Nikkeihit a 25-year low on Tuesday.
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