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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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Asian markets down on European discord

 Asian markets down on European discord

HONG KONG: Asian markets mostly fell on Friday as a meeting between the eurozone’s three biggest economies highlighted their differences on finding a solution to the region’s debt crisis.

Traders remained nervous at the end of a week that saw fears over Europe deepen as the yields on Italian and Spanish bonds sat dangerously high and even Germany — the bloc’s pillar — failed to sell all its bonds at auction.

Tokyo was flat, edging down 5.17 points to end at 8,160.01, while Sydney shed 1.48 percent, or 59.90 points, to end at 3,984.3 and Seoul closed 1.04 percent, or 18.66 points, lower at 1,776.40.

Shanghai was 0.60 percent off and Hong Kong fell 1.21 percent in the afternoon.

The leaders of Germany, France and Italy on Thursday met to discuss plans to address the two-year-old debt crisis in a bid to sooth markets, which have been hammered over fears of a collapse of the eurozone and another global downturn. (AFP)

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Iowa caucuses: Romney pips Santorum

 He finished just eight votes ahead of former senator Rick Santorum in the Midwest state of Iowa.
Ron Paul came third, while Newt Gingrich and Michele Bachmann settled into a second tier of candidates.
Rick Perry indicated he was suspending his campaign after finishing fifth.
The caucus meetings were the first time voters had a say in the race to face Democratic President Barack Obama in November’s presidential election.

Tuesday’s contest launched months of caucuses and primary elections in 50 states, Washington DC and other territories, culminating in the Republican National Convention in August where the party nominee will be formally anointed.
Iowa was not expected to settle the contest – John McCain, the eventual Republican nominee in 2008, came fourth in the state’s caucuses that year – but it will help shape the race for the White House.

The BBC’s Mark Mardell says that in the end, this result has to be good for Mitt Romney, achieving it in a state he hadn’t bothered to fight until the last few weeks.
‘Game on!’
Hours after caucuses closed, Iowa party chairman Matt Strawn announced that Mr Romney had won by just eight of the 122,255 votes cast.
“Governor Mitt Romney received 30,015 votes and senator Rick Santorum received 30,007 votes. Congratulations to governor Mitt Romney, winner of the 2012 caucuses. Congratulations to senator Rick Santorum for a very close second-place finish,” Mr Strawn said.
Earlier in the evening, Mr Romney kept his sights firmly trained on Mr Obama rather than engaging his Republican rivals or claiming victory.
“The gap between his promises four years ago and his performance is as great as anything I’ve ever seen in my life,” he said, before crying: “On to New Hampshire!”
As early results came out pointing to a close race, Mr Santorum declared “Game on!” He praised his faith and his family in a speech which marked his own entry to the national spotlight.

Mr Paul, a Texas congressman, finished third and vowed to continue onto New Hampshire, which holds a primary election next week.
“This momentum is going to continue,” he told a jubilant crowd of supporters. “We will go on, we will raise the money.”

Negative advertising
Finishing fifth, Texas Governor Rick Perry said he was returning to his home state in order to “determine whether there is a path forward for myself in this race”.Former House of Representatives Speaker Newt Gingrich, who saw a brief lead evaporate under a barrage of negative advertising last month, pledged to remain in the race and challenge Mr Romney, “a Massachusetts moderate”.
“We are not going to go out and run nasty ads,” said Mr Gingrich, who finished fourth.
“But I do reserve the right to tell the truth. And if the truth seems negative that may be more of a comment on his record than it is about politics.”
Mrs Bachmann, a Minnesota congresswoman who won the Iowa straw poll last summer, finished sixth, and urged voters not to let the media anoint a Republican nominee based solely on the Iowa results.
Former Utah Governor Jon Huntsman was on the ballot, but did not campaign in Iowa.

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