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Hong Kong And SingaporeTitle:
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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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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Asian stocks driven lower by downgrades in China, Japan ahead of EU summit
Ahead of a meeting of European leaders, the MSCI Asia Pacific Index dropped 1.5% at 12:31 in Tokyo after investors lost their appetite for risk after they were spooked by the mounting worries over Greece exiting the eurozone, while BoJ held its monetary policy unchanged although growth is slowing.
Greece’s former Prime Minister Lucas Papademos said yesterday that while it is unlikely that the nation will leave the eurozone, the risks are still high. And if this would prove to be the case, other countries may follow, warned Jin Liqun, chairman of China Investment Corp.
Meanwhile, one day after Fitch cut the Japan’s rating by one notch to A-plus from AA with negative outlook, citing “high and rising public debt” burden, Japan showed a slowdown in its exports during April, adding to ...
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Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
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Gold stalls below $1,600/oz; EU summit eyed
(Reuters) - Gold inched lower on Tuesday after failing to break above $1,600 an ounce, as investors await a European Union summit later in the week at which leaders will try to agree on action to solve the region's debt crisis.
Gold made attempts to break above the key resistance level at $1,600 in the past two days but failed, and has since been drifting around $1,590 as investors remained cautious when the fate of Greece and euro zone remains in limbo.
Market participants will closely watch an informal EU summit on Wednesday, during which French President Francois Hollande is expected to push for mutualised European debt, an idea that Germany has opposed.
Equities extended gains, partly riding on optimism about fresh action at the Wednesday meeting, but some analysts were less ...
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Asian Stocks Advance On China's Call For Stronger Growth But Sentiment Still Fragile
After China's premier called for additional efforts to support growth, Thailand's economy grew firmly in Q1 and world leaders urged Greece to stay in the euro zone, Asian stocks recovered some of last week's losses, the yen slid while commodities gained.
The MSCI Asia Pacific Index added 0.5% at 12:56 in Tokyo as worries eased on believes China and Japan may take steps to support growth, while world leaders called for Europe to balance austerity with growth during the G-8 summit.
China's Premier Wen Jiabao said over the weekend that his country must adopt a “proactive fiscal policy and a prudent monetary policy” to support growth, spurring speculations of additional stimulus since inflation is moderating.
Meanwhile, Japan is expected to ease its monetary policies even more during BoJ's ...
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Asian stocks returned to losses on collective downgrades including Spanish banks, Greece and China
As Europe’s debt crisis is threatening the global recovery, market participants limited their risk exposure while some inventors locked on to their profits ahead of the weekend, driving the Asian stocks lower where the MSCI Asia Pacific Index dropped 2.2% at 11.28 in Tokyo, and is down 0.8% this year.
Global equity markets lost almost $4 trillion dollars this month as Europe’s debt crisis is worsening threatening the global economic stability. Moody’s downgraded 16 Spanish banks on Thursday after the nation fell into recession during the first quarter while loan losses are mounting.
Meanwhile Fitch Ratings downgraded Greece by one notch to CCC from B- since its political deadlock is pushing the country out of the euro zone, as attempts to form a new government failed, leading to new ...
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Most Asian stocks rise on Japan’s growth, yet fears over Europe persist
Most Asian stocks advanced on Thursday dragged by the better-than-expected growth in Japan and by ECB’s decision to limit its risk exposure by stopping lending to some Greek banks. The MSCI Asia Pacific Index rose 0.7% at 13:42 in Tokyo.
Japan`s economy grew 1.0% during this year’s first quarter compared with -0.2% previous, while annually the economy grew 4.1% from -0.7% previous, on solid consumer spending, public investment and some improvement in exports.
Sentiment was also boosted by Japan’s industrial production which rose in March by 1.3% from 1.0% previous, and the Feds pledge to intervene and add stimulus if growth momentum slows and risks to the economic outlook increase.
Meanwhile the European Central Bank decided on Wednesday to limit its risk exposure and temporarily atop ...
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