Asian shares fall as reports curb confidence

[FT News]

Asian shares drop for a second consecutive session as data highlighting the weakness in the global economy dampen some of the confidence that fuelled a recent rally

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Japan’s biggest lender, Mitsubishi UFJ Financial Group, dropped five per cent in value on Tuesday to lead a broad retreat across Asia Pacific, as fears resurfaced about the state of the US financial system and some investors took profits after valuations seemed to be running ahead of earnings.

The FTSE Asia Pacific index pulled back by more than one per cent from the seven-month high reached on Monday to end an 8 per cent rally that had lasted for six days.