Shares to fall on economic fears

Published: 16 Nov 2008 17:54:23 PST

WELLINGTON, Nov 17 - Asian shares are set to fall on Monday after Wall Street tumbled on the prospect of a global recession and a meeting of Group of 20 leaders concluded with few concrete proposals to tackle deepening economic concerns.

A record drop in U.S. retail sales triggered Friday's selloff, and investors now brace for another round of U.S. data expected to show growth weakening.

The yen and the U.S. dollar pushed higher after G20 leaders from major developed and emerging economies pledged rapid action to tackle the financial crisis at the weekend summit in Washington, but fell short of announcing any new measures or major regulatory breakthroughs.

U.S Treasury prices gained, as investors sought the safety of government debt, while oil dipped on the retail sales figures. (Reporting by Adrian Bathgate)