asia markets on back foot ahead of greece vote
Last Updated : GMT 13:48:05
Arab Today, arab today
Arab Today, arab today

Asia markets on back foot ahead of Greece vote

Arab Today, arab today

Arab Today, arab today Asia markets on back foot ahead of Greece vote

Shanghai stocks
Hong Kong - AFP

Asian markets retreated on Friday ahead of the weekend's Greek referendum that could decide its eurozone future, while Shanghai plunged more than seven percent, at the end of a torrid week for mainland investors.

Wall Street ended in the red as a strong increase in US jobs was overshadowed by the Greek crisis and stagnant wage growth.

Tokyo eased 0.36 percent as the yen edged back up against the dollar, Hong Kong eased 0.12 percent and Sydney slipped 1.27 percent, while Seoul dropped 0.16 percent.

Shanghai tumbled 7.13 percent, with the mainland market pummelled by profit-taking and margin traders calling in their bets. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dived 6.96 percent.

With Greeks heading to the polls Sunday, analysts said investors were in a holding pattern until they had a better idea about the country's future.

Greek Prime Minister Alexis Tsipras broke off debt reform talks Saturday and called the plebiscite on creditors' proposals -- leading it to default on a loan repayment Tuesday.

European leaders have warned that the poll is effectively an in-out vote on Greece's future in the eurozone.

"There could be some hesitation from investors" ahead of the Greek vote, Chris Weston, chief market strategist at IG in Melbourne, said.

"Markets just want to see it getting solved so the contagion effect can be mitigated and we can move on to other things."

The EU and IMF added to pressure Thursday, slashing Greece's growth forecasts for this year and warning it will need tens of billions of euros over the next three years to stabilise its finances.

- Shanghai extends rout -

US data showed the economy created a solid 223,000 jobs in June and the unemployment rate fell to 5.3 percent from 5.5 percent. However, the report also said hourly earnings were flat compared with May, while the estimates for job growth in April and May were cut.

The Dow dipped 0.18 percent, the S&P 500 eased 0.06 percent and the Nasdaq dropped 0.10 percent.

The soft wage data led investors to ease back on their bets for a September Federal Reserve interest rate rise, with speculation now for a December lift-off.

That pushed the dollar lower, buying 122.95 yen in Asia, against 123.07 yen in New York and well off the 123.54 yen earlier Thursday in Tokyo.

The euro fetched $1.1089 and 136.32 yen against $1.1086 and 136.43 yen

Mainland Chinese markets resumed their sharp downward spiral, with Shanghai now down almost 30 percent from its June 12 peak.

It had risen more than 150 percent over the previous year but economists say it has been hit by fears stocks were overvalued, profit-taking and margin traders unwinding their positions.

Interventions by authorities including a surprise interest rate cut at the weekend -- the fourth since November -- and relaxing rules on margin trading have failed to arrest the declines.

"Chinese brokers may still be looking at reducing their risk exposure by closing more margin debt," Bernard Aw, Singapore-based strategist at IG Asia, said.

On oil markets US benchmark West Texas Intermediate for August delivery was down 40 cents at $56.53 a barrel and Brent fell 26 cents to $61.81.

Gold fetched $1,166.37 compared with $1,161.50 late Thursday.

arabstoday
arabstoday

GMT 11:50 2017 Tuesday ,21 November

European stocks shrug off Germany's political woes

GMT 03:59 2017 Tuesday ,21 November

Weekly inflation decreases by 0.88%

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides
Arab Today, arab today
Arab Today, arab today

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*

asia markets on back foot ahead of greece vote asia markets on back foot ahead of greece vote

 



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*

asia markets on back foot ahead of greece vote asia markets on back foot ahead of greece vote

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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