In today's market report... Global miner Rio Tinto reported a record first-half profit on Thursday. It was more than double a year ago. Metals prices have recovered and its mines ran close to full throttle supplying China.
Rio Tinto's earnings totaled $5.8 billion, and they also announced an $800 million investment in a Western Australia iron ore facility. It's seen as a vote of confidence in Australia's new government and a reduced mining tax.
Meanwhile Japan's Nikkei today regained ground lost on Wednesday. The dollar rebounded from an eight-month low against the yen. It came on encouraging U.S. employment and service sector data.
Toyota Motor shares climbed after reporting its best operating profit in two years, beating market estimates, and lifting its cautious forecasts. That's despite a sluggish U.S. recovery and a stronger yen.
Elsewhere in the region, China's banking regulator instructed lenders to stop extending mortgages to people buying their third homes in four of the cities where house prices have risen sharply. Property speculation has made housing prices soar since the 1990s, and authorities are now trying to slow that growth. Officials fear sky-high prices in major cities are feeding on themselves and making it impossible for average workers to own a home.
