Arab Today, arab today asia markets sink after greece votes no to austerity
Last Updated : GMT 12:56:43
Arab Today, arab today
Arab Today, arab today

Asia markets sink after Greece votes 'No' to austerity

Arab Today, arab today

Arab Today, arab today Asia markets sink after Greece votes 'No' to austerity

'No' supporters celebrate their victory
Hong Kong - AFP

Asian stocks mostly fell Monday after Greek voters rejected more austerity demands from creditors, fuelling fears the country will crash out of the eurozone, but the euro recovered from initial losses as dealers wait for European leaders' next move.

In a separate drama, Chinese shares surged almost eight percent in the first few minutes of trade after Beijing introduced measures to support mainland markets, which have plunged by a third over the past three weeks.

Despite warnings from European leaders that Sunday's referendum was effectively an in-out poll on the euro, more than 60 percent of the voters heeded the government's call to vote "No", sending traders running for the doors.

Tokyo fell 2.18 percent in the afternoon, Seoul shed 1.83 percent, Sydney lost 1.18 percent and Wellington was off 0.98 percent.

Shanghai opened up 7.82 percent before but eased to sit 2.16 percent higher by lunch. Hong Kong climbed 0.70 percent in early trade -- riding the coat-tails of the mainland gains -- but ended the morning session 3.18 percent lower.

In Japanese trade the euro was at $1.1038 and 135.20 yen, clawing back some of the losses suffered in New York electronic trade Sunday, when it fell to $1.0963 and 134.91 yen.

Shinya Harui, currency analyst at Nomura Securities in Tokyo, said: "There is no particular reason for the euro to be holding up, but markets are still assessing the spill-over risks in the case of a Greek exit from the eurozone."

Greek Prime Minister Alexis Tsipras had campaigned against accepting debt reform proposals from its creditors -- the ECB, the European Commission and the International Monetary Fund (IMF) -- claiming a "No" vote would strengthen his hand in negotiations.

- 'Very regrettable' -

German Chancellor Angela Merkel and French President Francois Hollande hastily called a European summit for Tuesday after stating the Greeks' decision must "be respected".

German and French finance ministers were set for talks beginning in Warsaw at 0800 GMT Monday, while the Euro Working Group of top treasury officials will meet in Brussels.

But Jeroen Dijsselbloem, leader of the Eurogroup of eurozone finance ministers, who had warned ahead of the poll that a "No" vote would likely lead to Greece exiting the single currency, termed the result "very regrettable".

And German vice chancellor Sigmar Gabriel took an even dimmer view, saying Tsipras had "torn down the last bridges which Europe and Greece could have crossed to find a compromise".

He added that, despite Tsipras' assertions, a fresh round of bailout talks now were "difficult to imagine".

European Commission president Jean-Claude Juncker was to speak to the European Central Bank (ECB) and eurozone finance ministers on Sunday and Monday.

But analysts warned the decision had likely put Athens on course to exit the eurozone.

Nomura's Harui said: "I personally think the chance (of the Greek exit) is very high, at around 70-80 percent.

"A Greek exit would shake confidence in what had been 19-nation solidarity, which could fuel anti-euro movements within Europe."

And Mark Lister, head of private wealth research at Craigs Investment Partners in Wellington, told Bloomberg News: "There's a whole range of unpredictable outcomes.

"It's surprising that the 'No' vote won so convincingly, certainly more decisively than the polls had suggested. This puts us in limbo for so much longer and it's very negative for risk sentiment."

On oil markets, US benchmark West Texas Intermediate for August delivery fell $1.97 to $54.96 a barrel and Brent crude for August eased 56 cents to $59.76.

Gold fetched $1,168.21 compared with $1,168.43 late Thursday.

arabstoday
arabstoday

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 markets sink after greece votes no to austerity Arab Today, arab today asia markets sink after greece votes no to austerity

 



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 markets sink after greece votes no to austerity Arab Today, arab today asia markets sink after greece votes no to austerity

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
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 Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
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