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GapTitle:
Shares, commodities retreat on Greek uncertainty
(Reuters) - Shares, precious metals and oil fell and the euro remained pressured on Wednesday as Greece struggled to form a government after an election that saw incumbent parties punished, heightening the risk that a hard-won bailout deal could be scrapped.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS shed 1.4 percent to its lowest in more than three months, with energy .MIAPJEN00PUS, materials .MIAPJMT00PUS and growth sensitive industrials .MIAPJIN00PUS leading the declines.
Resources-heavy Australian shares .AXJO plunged 1 percent to a three-week low as oil, precious metals and copper slid.
European shares will likely edge up after a mauling on Tuesday, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open 0.6 ...
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Asian Market Update : 09/05/2012
Economic Data
(JP) JAPAN APR OFFICIAL RESERVE ASSETS: $1.29T V $1.28T PRIOR (first increase in 3-months)
(UK) UK APR BRC SALES LIKE-FOR-LIKE Y/Y: -3.3% V 0.6%E
(KR) SOUTH KOREA APR BANK LENDING TO HOUSEHOLDS (KRW): 453.6T V 452.3T PRIOR
(KR) SOUTH KOREA MAR MONEY SUPPLY L Y/Y: 1.8% V 0.3% PRIOR; M2 Y/Y: 0.0% V 0.7% PRIOR
(CO) Colombia Apr Producer Price Index M/M: +0.2% v -0.2% prior; Y/Y: +1.6% v +1.6% prior
Markets Snapshot (as of 04:30GMT)
Nikkei225 -1.6%
S&P/ASX -1.1%
Kospi -1.0%
Taiwan Taiex -0.8%
Singapore Straits Times Index -0.7%
Shanghai Composite -1.3%
Hang Seng -1.0%
Jun S&P Futures -0.1% at 1,352
June gold -0.8% at $1,591/oz
June Crude -0.5% at $96.53
Overview/Top Headlines
Concerns over Greece backing out of its bailout package continue to weigh on the ...
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Euro slips for seventh day versus dollar; politics weigh
The euro fell for a seventh straight session against the dollar on Tuesday on concerns that political uncertainty in Greece and a French leadership change could undermine austerity plans viewed as central to tackling the euro zone debt crisis.
The euro earlier dropped below the psychologically important $1.30 level after the leader of Greece's Left Coalition party said the country's commitment to an European Union/International Monetary Fund rescue deal had become null and void.
Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro.
Meanwhile, Socialist French President-elect Francois Hollande has advocated an approach to tackling the debt crisis centered more on growth, ...
Title:
Euro falls 7th day vs dollar on political uncertainty
The euro fell for a seventh straight session against the dollar on Tuesday on worries that political uncertainty in Greece and a change of French presidents could threaten austerity plans seen as key to tackling the euro zone debt crisis.
The euro fell below the psychological level of $1.30 after the leader of Greece's Left Coalition party said the country's Greece's commitment to an EU/IMF rescue deal has become null and void.
"The euro reacted to the Greece headlines, but the move lower has faded a bit because what he said was not so unexpected," said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto.
"The euro remains extremely vulnerable to political risk and if we close below yesterday's low of $1.2955 that would potentially shift the technicals into bear ...
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Gold drops after the breach of $1630 on political upheavals in Greece
Gold remained drops sharply after the breakout of $1630 critical level on political worries from Greece which ignited concerns regarding the adoption of austerity measures needed to tackle debt crisis.
Samaras, the leader of the New Democracy party, said he failed to form a coalition Greek government, thus giving the turn to Alexis Tsipras, the head of Syriza, who has pledged to renegotiate aid terms for Greece.
In France, the win of the Socialist party candidate Hollande in the French Presidential elections also raised concerns that there would be a conflict between the euro area`s second biggest economy and Germany over methods of dealing with the crisis as he is in favor of lower austerity.
Auctions today from Greece, Netherlands and the EFSF saw a rise in yield von the back of the ...
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Political uncertainty leaves euro vulnerable
(Reuters) - The euro fell on Tuesday and was vulnerable to more losses on worries that political uncertainty in Greece and a change of French president could threaten austerity plans seen as key to tackling the euro zone debt crisis.
Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro.
Meanwhile, Socialist French president-elect Francois Hollande has advocated an approach to tackling the debt crisis centered more on growth, which may create tensions with Germany's insistence on fiscal austerity.
However, the euro stayed above the previous day's three-month low, hovering just above the $1.30 level, and traders said its losses could be limited as investors take profit on ...
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Bye bye expensive oil prices !
Crude oil continued in its biggest decline this year amid high uncertainty in Europe due to elections in several countries, and signs of a weakening recovery in the world’s biggest oil consumer. Also, the world leaders led by Saudi oil minister try to push crude prices downwards as it is much expensive than it should be.
By assembling many factors together, a very strong downside pressure has been formed on crude, after it declined last week below $100 level on a bad U.S. jobs report which triggered fears over its weak recovery pace and a high uncertainty in Europe with a new French president and dark outlook for Greece.
However, the downside pressure on crude has intensified after a failure in Greece’s parliamentary vote for a new coalition government, which called fears back to cover ...
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Asian stocks advance on eased worries over Europe ahead of Australia’s budget
Investors managed to overlook the uncertainties over Europe after Holland won French presidency and Greece voters rejected the pro-bailout policies, as the USD strengthened, Angela Merkel said “the fiscal pact is not negotiable”, while factory orders rose in Germany more than expected, pushing the Asian stocks higher with the MSCI Asia Pacific Index rising 0.2% at 13:27 in Tokyo.
Sentiment improved on Monday following a day of sharp losses when the dollar opened with a price gap on worries over the eurozone`s ability to introduce further austerity measures after the elections across Europe complicated the outlook for Europe and worsened the prospects for global recovery.
Francois Hollande, who won France’s presidential elections, criticized Germany`s heavy emphasis on austerity and ...
Title:
Euro Limits The Damage After French And Greek Elections
Sunrise Market Commentary
- Fixed Income: Little support from elections
- Global core bonds set new contract highs at the start of the European session after the French and Greek elections. However, the negative sentiment surprisingly didn't push through and many markets bounced off key levels.
- Currencies: euro limits the damage after French and Greek elections.
- On Monday, the euro opened sharply lower after the election results in Greece and Spain. However, the price moves developed in an orderly way. Even more, the single currency showed remarkable resilience and reversed part of the early losses. The test of the 1.2974 support was rejected. The EUR/GBP 0.8068 support remains under pressure.
The Sunrise Headlines
- US Equities hovered sideways on Monday, halting a ...
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