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Global shares recover a bit, though fear on Greece remains
Asian shares on Thursday recovered a bit of the ground lost in the previous day's sell-off, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent on short covering, after sliding more than 3 percent - its biggest one-day drop in six months - on Wednesday.
The index hit a new 4-month low on Wednesday, and has shed 9.6 percent since May 2.
Gold and the euro recovered from Wednesday's lows as a recovery in shares helped improve sentiment slightly.
Bucking the general trend of recovery in Asia-Pacific, Australian shares .AXJO bucked the general recovery, falling 0.6 percent to a four-month low, with banks easing on ...
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Euro slides to 4-month low as Greek woes weigh
The euro dropped to a four-month low against the U.S. dollar on Wednesday, sliding for a fourth consecutive session and likely to face more losses on fears about a Greek exit from the euro zone.
The European Central Bank stopped providing liquidity to some Greek banks as they are severely undercapitalized, further weighing on the euro. These banks have now been moved to the ECB's emergency liquidity assistance program.
The development briefly sent the euro below $1.27. It was on track to test the January trough of $1.2623, below which would mark the euro's lowest mark since August 2010.
"I think the ECB is playing hardball," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York. "I doubt they want to get too involved in EU politics, but I think they're trying ...
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Gold pares losses after bear market test, Greece focus
Gold sank to a 2012 low on Wednesday before paring losses in choppy trade, as traders were torn between hope that France and Germany would work together to keep the Euro zone intact and new signs of stress in the Greek banking sector.
Bullion briefly crossed into bear market territory, down 20 percent from its record last September, as intensifying fears a Greek exit from the euro zone would worsen the debt crisis gripped financial markets earlier in the day.
Prices later recouped most of their losses following a meeting between new French President Francois Hollande and German Chancellor Angela Merkel at which they pledged to forge a joint approach for an EU summit next month. That eased concerns of a spat that could worsen the euro zone crisis.
During the U.S. session, gold prices ...
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Euro hovers near 4-month low on Greece fears
The euro hovered near a fourth-month low against the U.S. dollar on Wednesday and more losses could be in store as investors feared a Greek exit from the euro zone that could result in other peripheral countries following suit.
Adding to the bearish sentiment, euro zone central bank sources said the European Central Bank has stopped monetary policy operations with some Greek banks as they have not been successfully recapitalized.
The news briefly sent the euro below $1.27, approaching its session low of $1.2679, according to Reuters data. It was on track to test the January low of $1.2623, below which would mark the euro's lowest level since August 2010.
"The move was short-lived but it highlights the general distrust out there right now. For most people, there's no good reason to buy ...
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U.S. stocks trim gains, euro falls on ECB talk
U.S. stocks trimmed gains and the euro retreated on Wednesday on speculation that the European Central Bank has stopped funding operations for some Greek banks, rekindling fears of messy financial woes for Greece.
Euro zone central bank sources said the ECB had stopped refinancing operations with some Greek banks. The ECB, which refinances only solvent banks, declined to comment.
It was unclear exactly how many banks were affected.
One person familiar with the matter said four Greek banks' capital was so depleted they were operating with negative equity capital.
Investors have been on tenterhooks over fears of a Greek exit from the euro zone and the financial losses that could cause the financial system.
U.S. stocks pared early gains from encouraging U.S. economic data and the euro ...
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Dukascopy Afternoon Forex Overview : 05/16/2012
Dukascopy Fundamental Analysis
EUR
Stoxx Europe 600 index have dropped for third consecutive day and reached the lowest level since the start of this year as specialists speculate that elections in Greece could take place as early as 10 of June. The index lost 0.5% of its value by noon in London and around 10% from its peak this year in mid-March.
USD
Facebook increases the share offering by 25% to 421.2M shares to collect near $16B. At the offering's price of $34-$38 per share Facebook is rushing towards the largest technology IPO in the history. Production of utilities, mines and factory's in the U.S. surpassed expected 0.6% level and increased by 1.1% in April.
GBP
The number of unemployed people for January-March decreased to 2.63 million, 45,000 down on the quarter, the Office for ...
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Oil down, pares early losses
Oil prices recovered from early lows on Wednesday, as positive U.S. industrial output data and a weekly government report on U.S. inventories showing a much smaller build than reported by the industry, lifted gloom about global demand.
U.S. oil prices briefly swung into positive territory, recovering from losses of more than $2 a barrel early on Wednesday, after weekly data from the U.S. Energy Information Administration (EIA) showed inventories rose broadly in line with forecasts.
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US Dollar Mixed as Euro Holds on to Gains
US dollar is mixed today as gains against the pound and the yen are offset to some degree by the way the euro is managing to eke out gains in spite of the turmoil over Greece. However, even with this small setback against the euro, the US dollar is still likely to remain strong overall, since safe haven currencies are likely to be in demand for some time.
For now, the US dollar is turning in a mixed performance today. Against the UK pound, greenback is higher as the Bank of England lowers its growth forecast for the year to +0.8%, revised down from +1.2%. The news has some speculating that more asset buying could ensue in an effort to stimulate the British economy, and that is weakening the pound. Against the yen, the greenback is a little higher thanks to the news that housing starts ...
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Euro knocked by Greece worries, more losses likely
The euro fell to a four-month low against the dollar on Wednesday and risked more losses on the prospect of prolonged political instability in Greece that could result in the country exiting the euro.
With Greece announcing fresh elections next month and investors concerned about the knock-on effects of a Greek euro exit for economies like Spain and Italy, investors fled the euro and sought the perceived safety of the dollar and the yen.
The dollar rose to its highest in four months against a basket of currencies, while the euro also hit a three-month low versus the yen.
The euro dropped to $1.2681 against the dollar on EBS trading platform, which left it on track to test the January low of $1.2624, below which would mark the euro's lowest level since August 2010.
However, it recovered ...
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