asian markets mostly down as greece fears return
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Asian markets mostly down as Greece fears return

Arab Today, arab today

Arab Today, arab today Asian markets mostly down as Greece fears return

Asian markets
Hong Kong - AFP

Asian markets mostly retreated on Monday following losses on Wall Street as fears over Greece returned, while Shanghai and Hong Kong retreated after Chinese authorities unveiled restrictions on dealers borrowing cash to trade shares.

The mainland clampdown, announced Friday, offset news at the weekend that the Chinese central bank had reduced the amount of cash lenders must keep in reserve, in a bid to boost loan activity.

Hong Kong fell 0.25 percent, Shanghai lost 0.32 percent, Sydney shed 0.85 percent and Seoul was 0.21 percent lower. Tokyo was flat.

The People's Bank of China Sunday announced it would cut one percentage point off the reserve ratio requirement, the second reduction this year and the latest monetary easing measure aimed at kickstarting growth in the world's number-two economy.

It has also cut interest rates twice since November.

The Hong Kong and Shanghai share markets have been soaring as investors speculate that Chinese leaders will continue to loosen monetary policy to counter a sharp slowdown.

"The immediate question for traders this morning is whether the weekend news of additional stimulus initiatives in China will help offset the negative impact of growing concerns over Greece and signs of improving inflation in the US," Ric Spooner, chief market analyst in Sydney at CMC Markets, told Bloomberg News.

He said the cut was bigger than expected but that "when the dust settles, investor reaction may be limited as they weigh concerns about the state of the underlying economy."

The news was tempered by the China Securities Regulatory Commission's decision to tighten rules on margin trading -- where investors buy shares mostly with borrowed money -- which has helped propel the recent rally.

At the same time authorities made it easier to short sell, or bet against stocks.

On Wall Street the Dow sank 1.54 percent, the S&P 500 fell 1.13 percent and the Nasdaq dropped 1.52 percent on fears about Greece's future in the eurozone as it struggles to secure the release of much-needed bailout cash.

Athens was told Saturday to urgently deliver a detailed fiscal and debt plan to official lenders, while European Central Bank chief Mario Draghi cautioned that not reaching an agreement would take the situation into "uncharted waters."

There are fears that if the country does not service its huge debts it will default and tumble out of the eurozone, fuelling worries about the knock-on effects for the global economy.

European stocks fell sharply Friday, with Germany's DAX 30 index tumbling 2.58 percent and France's CAC 40 in Paris down 1.55 percent.

On foreign exchange markets the euro edged down to $1.0795 and 128.40 yen from $1.0810 and 128.49 yen in New York Friday.

The dollar fetched 118.95 yen compared with 118.86 yen.

Oil prices were higher. US benchmark West Texas Intermediate for May delivery gained 58 cents to $56.32 and Brent crude for June rose 63 cents to $64.08 in morning trade.

Gold fetched $1,205.46 against $1,205.91 late Friday.

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*

asian markets mostly down as greece fears return asian markets mostly down as greece fears return

 



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*

asian markets mostly down as greece fears return asian markets mostly down as greece fears return

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday