HongKong

In Hong Kong Wednesday, the Hang Seng index lost 0.3%, ending the day at 22,840. In China, the Shanghai Composite Index rose 0.6% to close at 3,303, while in Japan, the Nikkei Index fell 0.6% to 9,677.

In Hong Kong, property companies led the decline, as fears that a property bubble pumped up by excessive speculation on the part of mainland Chinese buyers, may be looming. According to the Economist, prices are now just 13% below the astronomical levels they reached in 2008, just before the financial crisis.

Can Facebook CEO Mark Zuckerberg create the first truly dominant global social network? It's a big ambition, but it's looking less implausible all the time. Previously, social networks were strong in one region primarily or in several, but never globally. Friendster couldn't catch on in Europe or South America. MySpace was much weaker in Asia than in the U.S.

Facebook, however, is well on its way to establishing dominance in several parts of the world. Already very strong in North America and Europe, Zuckerberg (pictured) looks set to take Asia, too.

With profits down 19 percent in its theme parks, the Walt Disney Company (DIS) needs to expand internationally in order to grow in these tough economic times. So where is it looking? Shanghai, China will be the next location for a Disney-style theme park. If built to full capacity, the new park could rival Disney World in Florida, which attracts 45 million annual visitors.

The park will cost $3.6 billion to build and Disney will own about 40 percent of the Shanghai resort. The rest will be owned by a holding company formed by a consortium of Chinese companies selected by the government. This park will set Disney on the right path to meet its goals of generating about 50 percent of its annual profits from overseas sales. Right now, international sales represent about a quarter of revenue and operating income.

In Hong Kong Tuesday, the Hang Seng Index slid 1.8 percent to close at 21,240, and China's Shanghai Composite Index rose 1.2 percent, ending the day at 3,114. The Tokyo Stock Exchange was closed today in celebration of Culture Day.

In Hong Kong, Trinity Ltd, the menswear division of mega clothing manufacturer Li & Fung, surged 49 percent on its debut today, soaring as high as 82 percent in intraday trading. Trinity provides luxury menswear to shops in Mainland China and operates 345 of its own stores in 37 different cities. It maintains several of its own high-end brands, including Kent & Curwen and Gieves & Hawkes.

In Japan Monday, the Nikkei Index fell 2.3 percent to close at 9,803, and in Hong Kong, the Hang Seng Index shed 0.6 percent, ending the day at 21,620. In China, shares were higher, with the Shanghai Composite Index gaining 2.7 percent, settling at 3,077.

Shares in Hong Kong property developers dipped today as reports of a fall in weekend home sales sent a breeze across the overheated property market. Sino Land Co. (SNLAY) slipped 2.4 percent, New World Development Ltd. (NDVLY) declined 1.9 percent, and Sun Hung Kai Properties Ltd. (SUHJY) lost 1.6 percent. Henderson Land Development Co. Ltd. (HLDVF), which recently conducted the sale of the most expensive property in the world, added 0.5 percent.

In Asia Wednesday, Hong Kong's Hang Seng Index dropped 1.8 percent to end the day at 21,762. Japan's Nikkei Index fell to 10,075 – a decline of 1.4 percent and the Shanghai Composite Index added 0.3 percent to close at 3,031.

In Hong Kong, property development company stocks suffered after building executives met with the territory's Financial Secretary to discuss the high price of land in Hong Kong, where virtually every bit of rocky land is owned by the government and leased to developers. About 70 percent of Hong Kong island is parkland, and the developers are asking the government to make more of it available to them in order to dampen the current price escalation. Sino Land Ltd. (SNLAY) plunged 4.6 percent, New World Development Ltd. (NDVLY), slid 4.3 percent, Cheung Kong Holdings Ltd. (CHEUY) lost 2.7 percent and Sun Hung Kai Properties Ltd. (SUHJY) slipped 1.9 percent.

Shares in Asia closed higher across the region today. In Japan, the Nikkei Index added 0.3 percent to close at 9,832, buoyed by positive data out of Australia showing that the country had added 40,600 workers.

Shipping stocks were among the best performers as overall shipping fees increased, with Kawasaki Kisen Kaisha Ltd. (KAKKF) soaring 7.4 percent, Nippon Yusen K.K. (NYUKF) climbing 7.3 percent, and Mitsui OSK Lines (MSLOF) gaining 5.5 percent. Share prices were also helped by Merrill Lynch lifting its rating on all three shippers.

Carmakers were in positive territory after a dramatic day; Typhoon Melor caused many car manufacturers to temporarily close their factories as several areas were evacuated. Toyota Motor Corp. (TM), which closed 12 factories because of the storm, ended the day up 1.7 percent, and Honda Motor Co. Ltd. (HMC), which closed one plant, managed a 1.3 percent gain, and Daihatsu Motor Co. Ltd. (DHTMF), the country's largest maker of compact cars, closed four factories and ended the day up 1.4 percent. Hiroshima-based Mazda Motor Corp. (MZDAF), which was unaffected by the hurricane, gained 3.3 percent as it is planning to sell new shares to reduce its loss for the year.

In Asia Wednesday, the Nikkei Index gained 1.1 percent to close at 9,800 and the Hang Seng Index rose 2.1 percent to close at 21,242 -- Hong Kong's biggest gain in three weeks.

In Japan, banking shares were on the rise as positive sentiment about the U.S. financial sector grew. Sumitomo Mitsui Financial Group Inc. (SMFJY) surged 7 percent, Mitsubishi UFJ Financial Group (MTU), climbed 5.3 percent and Mizuho Financial Group (MFG) rose 2.7 percent. Nomura Holdings (NMR), the country's biggest brokerage, added 1.3 percent.

Fourteen months ago, few people had heard of Wasilla, Alaska, nor its former mayor, Sarah Palin. That changed in late August 2008, when Sen. John McCain (R-Ariz.) chose Gov. Palin as his vice presidential running mate. Of course, McCain and Palin lost their bid for the White House, and in July, Palin resigned as Alaska's governor in the wake of 15 ethics complaints, $500,000 in legal fees, and revelations in Vanity Fair that she was on the verge of divorce -- and that she can't hunt moose.

But now that she's out of Alaska, she can get herself ready for her 2012 presidential bid. This brings us to Palin's recent speech to investors in Hong Kong. An outfit called CLSA, owned by a French bank, paid Palin an undisclosed amount that the New York Times suggested could be $300,000 to speak to an audience of major investors.

Stocks in Asia were mixed Wednesday, with several markets still closed for the holidays, including those in Japan and Indonesia. Hong Kong's Hang Seng Index closed down 0.5 percent to close at 21,596 despite some fantastic performers.

Trading was extremely active in Geely Automobile Holdings Ltd., which surged 19 percent on the news that a fund managed by Goldman Sachs Group Inc. will invest $334 million in the Chinese car company. Investors may be hoping for success on the scale enjoyed by Chinese electric carmaker BYD Co. Ltd. after a major investment by Warren Buffett last year led to a five-fold increase in the company's value. And it may be a good bet: according to China Daily, Geely is planning to double the number of cars it produces to 685,000 in the hope of cashing in on increasing demand from China's expanding middle class.