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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 ...
Title:
Greek crisis drags euro, global stocks, oil lower
The euro, oil and world stocks fell on Tuesday as worries intensified that Greece could reject the bailout that saved it from a chaotic bankruptcy as new leadership sought to form a government two days after elections.
Voters in weekend polls in both Greece and France soundly rejected the harsh austerity measures that markets have seen as the way out of Europe's debt crisis, heightening the uncertainty of the path ahead for the euro zone.
Alexis Tsipras, the leader of Greece's Left Coalition party, began efforts to form a government by rejecting terms tied to the country's receipt of bailout funds and threatening to nationalize banks.
The head of a centrist conservative party, which won the most votes Sunday, said he would not back a minority government that renounced the bailout, ...
Title:
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, stocks, oil slump as Greece crisis deepens
The euro, oil and stocks fell on Tuesday as Greece's political crisis intensified after a call to form a new government renounced the terms of a bailout that is keeping the country's finances afloat.
The results of weekend elections in Greece and France, in which voters soundly rejected harsh austerity measures seen by markets as a way out of the debt crisis, heightened the uncertainty of the path ahead for the euro zone.
Alexis Tsipras, the leader of the Greece's Left Coalition party, began efforts to form a government by renouncing the EU/IMF bailout terms and threatening to nationalize banks.
The head of a centrist conservative party, which won the most votes Sunday, said he would not back a minority government that rejected the bailout, making repeat elections in a few weeks ...
Title:
U.S. Stocks Fall As Greek Political Tension Mount
U.S. Stocks slipped at the open on Tuesday, driving the Standard & Poor`s 500 Index to its lowest level in almost a month, as Greece Battles to put up a government amid increasing odds the nation could face default on its debt next month.
Greece`s pro-bailout conservative party headed by Antonis Samaras late Monday failed to forge a coalition government following weekend election, giving the opportunity to the anti-austerity parity headed by Alexis Tsipras to step up with a new government.
The hard-Left Syriza party now has the chance to take the wheel, which could be opposed by the International Monetary Fund and European Union. The coalition government has only 30 days to save the situation, as Greece faces the odds of defaulting on its debt.
If truth be told, Greek default risk in on ...
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 ...
Title:
Uncertainty over Europe hits euro, shares slip
Investors sold European shares and the euro on Tuesday, unnerved by the political stalemate in Greece and the threat of a Franco-German split over policies to tackle the region's debt crisis.
The uncertainty in Europe added to worries about global growth after weak American jobs data, sending industrial commodities like oil and copper lower. U.S. shares were also expected to open down on Wall Street. .N
While markets were in a risk averse mood, activity was less volatile than on Monday when European shares initially fell sharply in reaction to the weekend's election results before firming after Spain said it was prepared to use public funds to help its troubled banks.
Spain is the euro zone's fourth largest economy and investors have focused on its troubles because it would be expensive ...
Title:
European fears weaken euro, shares fall
(Reuters) - Investors sold European shares and the euro on Tuesday, unnerved by the political stalemate in Greece and the threat of a Franco-German split over policies to tackle the region's debt crisis.
However, markets were less volatile than on Monday when shares initially sold-off in reaction to the weekend's election results before ending the day higher, soothed by news that Spain was prepared to use public funds to help its troubled banks.
Spain is the euro zone's fourth largest economy and investors have focused on its troubles because it would be expensive to provide a bailout similar to the one supporting the much smaller Greek economy.
Greek voters punished the two mainstream parties in Sunday's vote for supporting the austerity conditions of the financial package and now the ...
Title:
Dukascopy Morning Forex Overview : 08/05/2012
Fundamental Analysis
EUR
" show that despite the crisis in the euro area, Germany is growing and benefiting from a revival in international trade."
- Klaus Baader, senior economist at Societe Generale SA
German factory orders rose by more than forecast in March, a sign Europe’s largest economy is weathering the debt crisis.
USD
"From where we sit right now, we think the economy looks fundamentally stronger."
- Marisa Di Natale, an economist at Moody’s Analytics in West Chester
U.S. stocks closed mixed on Monday after Francois Hollande was elected as a French president and Greek voters turned to antibailout parties.
GBP
"… the challenging economic backdrop suggests that a significant acceleration in prices or activity is unlikely in the near term."
- Robert Gardner, Nationwide’s ...
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