Arab Today, arab today asian markets jump on eurozone deal
Last Updated : GMT 14:17:37
Arab Today, arab today
Arab Today, arab today

Asian markets jump on eurozone deal

Arab Today, arab today

Arab Today, arab today Asian markets jump on eurozone deal

Tokyo - Arabstoday

Asian markets and the euro surged yesterday after eurozone leaders struck a surprise deal to allow the bloc’s bailout fund to directly support struggling banks and pledged $150bn to boost growth. The euro was up almost 1.2% after the agreement, which will allow emergency aid to crisis-hit Italy and Spain, was announced following marathon talks at an EU summit to save the ailing single currency. Regional bourses, which had expected little from the summit, surged on the news, with Tokyo ending 1.50%, or 132.67 points, higher at 9,006.78, and Hong Kong closing 2.19%, or 416.19 points, up at 19,441.46. Seoul finished up 1.91%, or 34.83 points, at 1,854.01, while Sydney ended up 1.23%, or 49.8 points, at 4,094.6. Shanghai closed 1.35%, or 29.59 points, higher at 2,225.43. The accord struck in Brussels paves the way for the eurozone’s €500bn ($630bn) bailout fund to recapitalise ailing banks directly, without passing through national budgets and adding to struggling countries’ debt mountains. But this would occur only after a Europe-wide banking supervisory body is set up, with leaders aiming for that to happen at the end of the year. It was also agreed the bailout funds would be used “in a flexible and efficient manner in order to stabilise markets”, a reference to buying countries’ bonds to drive down high borrowing costs that have crippled Spain and Italy. EU president Herman Van Rompuy hailed the deal as a “real breakthrough” that would calm financial markets and reshape the eurozone to prevent a recurrence of the debt crisis. German Chancellor Angela Merkel appeared to have dropped her insistence on recapitalisation funds to banks being channelled through governments. EU leaders also agreed a package of measures worth some €120bn they hope will bolster growth in the recession-hit bloc. In a shock move, Italy and Spain had earlier threatened to block the “growth pact” unless they won concessions on short-term moves to help their economies. But the head of the Eurogroup finance ministers, Luxembourg Prime Minister Jean-Claude Juncker, said early yesterday that the two countries had dropped their resistance in return for measures to stabilise their economies. Investors had low expectations from the summit, just one of many attempts to resolve the long-running euro debt crisis, and the deal took Asian markets by surprise. But analysts warned against over optimism. “It is a bit of relief, but it is not a game changer,” Wee-Khoon Chong, Asia rates strategist at Societe Generale in Hong Kong, told Dow Jones Newswires. “The market is quite thin and it might have overreacted.” Elsewhere in Asia, Taipei rose 1.77%, or 126.67 points, to 7,296.28; Wellington was down 0.04%, or 1.51 points, to finish at 3,399.84; Manila closed 0.19%, or 9.74 points, at 5,246.41; Singapore closed 1.11%, or 31.63 points, higher at 2,878.45 points; Kuala Lumpur was 0.31%, or 4.91 points, higher at 1,599.15; Jakarta rose 1.75%, or 68points, to close at 3,955.57; and Bangkok edged up 0.07%, or 0.79 points, to 1,172.11. from gulf times.

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 asian markets jump on eurozone deal Arab Today, arab today asian markets jump on eurozone deal

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:44 2017 Sunday ,26 February

Doubts grow over American stock market’s surge

GMT 06:26 2017 Sunday ,26 February

Copper recovers lost ground

GMT 15:53 2017 Saturday ,25 February

Bahrain Bourse daily trading report

GMT 14:28 2017 Saturday ,25 February

Gold hits 3.5-month high

GMT 03:11 2017 Saturday ,25 February

50 Tunisian exhibitors at Gulfood 2017, Dubai

GMT 02:19 2017 Saturday ,25 February

SIEL expo, March 1-4
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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