Arab Today, arab today asia bourses tumble on spain debt woes
Last Updated : GMT 23:41:43
Arab Today, arab today
Arab Today, arab today

Asia bourses tumble on Spain debt woes

Arab Today, arab today

Arab Today, arab today Asia bourses tumble on Spain debt woes

Madrid - AFP

Asian markets tumbled and the euro slumped to its lowest level against the yen in almost 12 years yesterday as Spain’s debt crisis deepened, raising concerns over the wider eurozone. With borrowing costs hitting the danger levels that forced Ireland, Greece and Portugal to seek a bailout, investors are concerned that Spain, one of the eurozone’s biggest economies, will also have to call for help. Tokyo slumped 1.86%, or 161.55 points, to 8,508.32, Sydney shed 1.67%, or 70.2 points, to close at 4,128.9 and Seoul closed 1.84%, or 33.49 points, off at 1,789.44. Hong Kong was the biggest loser, slipping 2.99%, or 587.33 points, to 19,053.47 and Shanghai fell 1.26%, or 27.24 points, to 2,141.40. Market players were spooked by reports that one of Spain’s indebted regions, Valencia, would ask the central government for financial support, while officials in Madrid warned that the economy would likely contract through 2013. “Europe is definitely a drag on risk assets again this week as investors are worried that Spain’s debt burden could be bigger than expected and that a full bailout may be required,” said Peter Esho at CityIndex in Australia. The worries sent Spanish borrowing costs to a euro-era record level, with the 10-year bond yield climbing to 7.343% early in Europe on Monday and the cost of insurance against a default by Madrid hitting a record high.The euro at one point fell to 94.24 against the yen,its lowest level since late 2000. In Tokyo trade, the euro, which also tumbled Friday amid the Spanish woes, bought 94.34 yen, compared with 95.38 late Friday in New York. “It’s not the kind of situation where fears are just going to fade away, since the required amount of aid that Spain will need is likely to mount given the increasing needs of local governments,” Rakuten Securities senior market analyst Masayuki Doshida told Dow Jones Newswires. European leaders on Friday agreed to grant Spain’s banks bailout cash of up to €100bn but despite this there are fears that the country will need extra cash to help service its debts. The soaring yields on 10-year bonds come as unemployment sits at 24% and the government tries to implement further austerity measures. Without better economic news the country could lose access to debt markets, leading it to a bailout, which some analysts have said could cost up to $500bn. The euro was also down at two-year lows of $1.2102, from $1.2152 on Friday. The dollar bought €77.99, compared with 78.48. Gold was at $1,571.22 an ounce at 1100 GMT, from $1,581.20 on Friday. In other markets, Taiwan fell 1.90%, or 135.95 points, to 7,028.73, Manila fell 1.37%, or 71.49 points, to 5,139.40 and Wellington closed flat, edging up 1.66 points to 3,465.36. Kuala Lumpur was down 0.42%, or 6.83 points, to 1,636.17, Jakarta shed 1.75%, or 71.41 points, to 4,009.79 and Singapore lost 1.10%, or 33.04 points, to 2,982.49. Bangkok shed 1.94%, or 23.44 points, to 1,185.11.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asia bourses tumble on spain debt woes Arab Today, arab today asia bourses tumble on spain debt woes

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed

GMT 09:00 2017 Thursday ,16 February

Bahrain Bourse daily trading report

GMT 05:07 2017 Thursday ,16 February

Saudi stocks rise 0.6%

GMT 04:45 2017 Thursday ,16 February

Gold prices edge lower
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday