Tag Archives: euro

Asian shares mixed

HONG KONG: Asian shares were mixed on Thursday as fears about Europe’s debt crisis deepened after Germany, considered the pillar of the eurozone, failed to sell all its bonds in an auction.
While some markets managed to eke out small gains thanks to bargain-buying, the ongoing woes in Europe as well as the slowing global economy pushed investors to the sidelines.
Tokyo fell 1.38 percent by the break as it played catch-up with regional losses on Wednesday, when it was closed for a public holiday.

Hong Kong lost 0.44 percent and Shanghai gave up 0.68 percent. But Seoul rose 0.22 percent and Sydney was 0.41 percent higher.

A German government bond auction Wednesday drew some of the weakest demand since the introduction of the euro, signalling diminishing investor appetite even for the safest eurozone assets.

Berlin only managed to draw bids of 3.9 billion euros for its six billion euro 10-year bond auction, indicating that investors are now sceptical about even the safest assets in the eurozone.

The failure comes days after Moody’s warned that France’s weak growth and exposure to European debt could see it lose its cherished AAA debt rating, which would send its borrowing costs soaring. (AFP)

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Euro under pressure in Asia amid ongoing debt woes

OKYO: The euro stayed under pressure in Asia on Friday amid investor jitters over the European debt crisis.

The common currency bought $1.3309 in Tokyo afternoon trade, compared with $1.3327 in London late Thursday. Against the Japanese currency it firmed to 103.03 yen from 102.87.

The dollar edged up to 77.42 yen from 77.11 as Japan’s finance minister said his ministry has been vigilantly watching for signs of speculative yen-buying movement in the foreign exchange markets.

The euro was on a downward trend as investors took a cue from Moody’s downgrade of Hungary’s credit rating, said a senior dealer at a major bank.

“You should expect volatile euro trading ahead as there’s much speculation going around, but what’s for sure is the euro is set to fall in the longer term as the debt woes are just too far from their end,” the dealer said.

German, French and Italian leaders pledged Thursday to propose modifications to European Union treaties to further integrate economic policy, but they played down suggestions that the European Central Bank would have a greater crisis-busting role.

Japanese Finance Minister Jun Azumi urged European leaders to take more steps to calm markets as the impact of the debt crisis spreads globally. (AFP

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