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Asian stocks drop on worries over China’s growth and the deepening debt crisis in Europe
The MSCI Asia Pacific Index dropped 0.7% at 12:47 in Tokyo as Asian stocks are heading towards the fourth week of losses on worries China’s economy is slowing and business conditions are deteriorating while Europe’s debt crisis is deepening.
The MSCI Asia Pacific Index fell 1.2% this week, heading for its longest weekly losing streak since November, mainly on fears from the impact of Greece`s possible exit from the eurozone and China’s slowing economy since it threatens Asian trade.
One day after China reported lackluster data from the manufacturing sector, three bank officials with knowledge of the matter said that China’s largest banks may miss their lending targets for the first time in seven years.
As Europe’s debt crisis curbs exports, manufacturing shrinks and demand on new homes ...
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Asian Market Update : 25/05/2012
Monti thinks Greece will remain in the EU; China slowdown fears return to front and center
Economic Data
(JP) JAPAN APR NATIONAL CPI Y/Y: 0.4% V 0.4%E; NATIONAL CORE CPI Y/Y: 0.2% V 0.1%E; TOKYO MAY CPI Y/Y: -0.5% V -0.3%E; TOKYO CORE CPI Y/Y: -0.8% V -0.5%E (20-month low)
(KR) SOUTH KOREA MAY CONSUMER CONFIDENCE: 105 V 104 PRIOR (15-month high)
(SG) SINGAPORE APR INDUSTRIAL PRODUCTION M/M: -3.5% V +0.6%E; Y/Y: -0.3% V +4.1%E
(TH) THAILAND APR CUSTOMS TRADE BALANCE: -$2.9B V -$2.9BE
(PH) PHILIPPINES MAR TRADE BALANCE: -$1.05B V -$562M PRIOR; TOTAL IMPORTS: $5.4B V $4.99B PRIOR
Markets Snapshot (as of 05:00GMT)
Nikkei225 +0.1%
S&P/ASX -0.4%
Kospi +0.6%
Singapore Straits Times Index -0.3%
Shanghai Composite -0.4%
Hang Seng -0.3%
June S&P Futures -0.2% at 1,320
June gold -0.3% $ ...
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Euro wallows at 2-year lows as EU worries rattle markets
(Reuters) - The euro wallowed at two-year lows against the dollar on Friday and was poised to end the week two percent weaker, weighed down by weak German manufacturing data and worries about a messy Greek exit from the euro zone.
The risk-sensitive Australian dollar dipped 0.2 percent to $0.9741, coming close to the six-month low of $0.9690 hit on Wednesday as a sell-off in emerging market currencies picked up steam.
Rattled by worries over lack of growth in the euro area, the fragile situation of the region's banking system and a potential messy Greek exit from the single currency bloc, the euro is poised to chalk up its biggest weekly loss since the first week of April.
Macro funds and real money investors have ramped up selling of the currency, which is now down more than 5 percent ...
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Copper up from 4-1/2 month low, EU data weighs
(Reuters) - Copper firmed a little on Thursday after sinking to a 4-1/2 month low in the previous session but remained under pressure as downbeat data from the European Union raised worries that global economic weakness will hit demand for industrial metals.
Benchmark copper on the London Metal Exchange was trading at $7,589.50 a tonne by 0939 GMT, 0.8 percent up from a close at $7,531 on Wednesday.
The metal, used in power and construction, has dropped on risk aversion triggered by worries about Greece's possible exit from the euro zone.
Business surveys showed Germany's manufacturing sector has been shrinking at the fastest rate in three years in May and the euro zone's private sector has sunk further into the doldrums this month as new orders shrivel, forcing firms to run down ...
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Markets vs. Technocrats
Forex News and Events:
Over the past few days, the media has been relaying comments suggesting leaders are backing the stay of Greece in the EMU. For starters the G8 stressed the importance for Greece to remain in the monetary union regardless of the discord over how to best tackle the crisis. During an interview with CNBC on Tuesday, former Greek PM insisted that an exit would yield “catastrophic” consequences for the country itself and “far reaching” implications for the EU. During yesterday’s European session however, EU officials stated they have agreed over a teleconference call with Eurogroup Work Group (EWG) that each nation in the EMU must prepare an individual contingency plan in case of an exit. The EUR sank against the USD to its lowest level since July 2010 at 1.2544, down 5. ...
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EUR/USD Cedes The 1.2624 Support
Sunrise Market Commentary
- Fixed Income: Risk off pushes German bond yields to new lows
- Risk off sentiment pushed core bonds higher and non-core bond yield spreads re-widened substantially. The Summit didn't bring new information, but another hole found in Spain's regions' budgets might get attention today.
- Currencies EUR/USD cedes the 1.2624 support
- On Wednesday, the EMU debt crisis was again omnipresent. Markets feared that the EU leaders wouldn't be able to take decisive action to address the debt crisis. Extreme risk aversion pushed EUR/USD to a new low for 2012. The losses of EUR/GBP were more contained, as poor UK retail sales and rather soft BoE minutes kept the door open for more policy stimulation.
The Sunrise Headlines
- In the final hour of trading, US ...
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Asian Market Update : 24/05/2012
EU leaders call on Greece to work harder, June meeting to provide more details on measures; China flash PMI contracts again Thu, 24 May 2012 1:41 AM EST
Economic Data
(CN) CHINA MAY HSBC FLASH MANUFACTURING PMI: 48.7 V 49.3 PRIOR FINAL (7th consecutive contraction)
(NZ) NEW ZEALAND APR TRADE BALANCE (NZ$): 355M V 400ME (11-month high); TRADE BALANCE YTD: -541M V -651ME
(NZ) NEW ZEALAND ANNUAL BUDGET RELEASE: AFFIRMS TARGET OF RETURNING BUDGET TO SURPLUS IN 2015
(AU) AUSTRALIA Q1 CBAHIA HOUSE AFFORDABILITY: 61.8 V 58.5 PRIOR
(JP) JAPAN BOJ MONTHLY ECONOMIC REPORT: Increasingly Evident Japan Economy Is Shifting To Pickup
(KR) SOUTH KOREA Q1 HOUSEHOLD CREDIT Y/Y: +7.0% V 7.8% PRIOR (lowest level since Sept 2009)
(VN) Vietnam May CPI m/m: 0.2% v 0.1% prior; y/y: 8.3% v 8.9%e
(JP) ...
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Metaquotes integrates MT5 with Integral’s FX Grid
Metaquotes continues its effort to plug Metatrader 5 platform into as many liquidity sources as possible. Latest were Currenex and CitiFX Pro. Connecting to Integral’s FX Grid will allow brokers with the right liquidity relationships to plug MT5 to liquidity pools they are able to access through FX Grid.
MetaQuotes Software Corp. announces integration of its MetaTrader 5 Trading Platform with FX Grid, a global inter-institutional connectivity and trading network developed by Integral Development Corp. Thus the brokers that use MetaTrader 5 get access to one more liquidity platform in the forex market.
The MetaTrader 5 connects to Integral through new gateway, which was developed by MetaQuotes Software Corp. The connection of the trading platform with the diverse sources of liquidity on ...
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Oil drops on Iran talks, brimming U.S. supply
(Reuters) - Oil futures fell more than 2 percent on Wednesday to five-month lows, as a potential nuclear deal between Iran and the West eased supply concerns and worries about Greece's future in the euro zone raised questions about demand.
Further pressure came from U.S. government data that showed weak demand and the ninth straight weekly build in domestic crude inventories, extending the stockpile buffer as the world's largest consumer gears up for the start of the summer driving season.
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