Arab Today, arab today us debt fears spook asian shares
Last Updated : GMT 21:32:37
Arab Today, arab today
Arab Today, arab today

US debt fears spook Asian shares

Arab Today, arab today

Arab Today, arab today US debt fears spook Asian shares

Hong Kong - AFP

Asian stocks were mixed Thursday on nervousness about the progress of talks aimed at averting a US debt default despite President Barack Obama backing a cross-party plan. However, markets were given some support as the outlook in the eurozone brightened after France and Germany came to an agreement on an aid strategy for indebted Greece. Tokyo ended flat, edging up 4.49 points to 10,010.39, Seoul closed 0.46 percent, or 9.91 points, lower at 2,145.04 and Sydney added 0.14 percent, or 6.3 points, to 4,556.0. Hong Kong closed flat, edging down 16.40 points to 21,987.29. Shanghai lost 1.01 percent, or 28.31 points, to 2,765.89 after preliminary figures from HSBC showed manufacturing in China had declined in July for the first time in a year. Obama met separately Wednesday with Democrats and Republicans to reach a deficit-cutting deal that would allow the nation\'s debt limit to be raised before an August 2 deadline. But the talks ended without news of a breakthrough, leading to concerns that a tentative deal brokered by the bipartisan group of six senators could not be built on to pass through both houses of congress. Global markets jumped after the president on Tuesday threw his weight behind the plan, which would help the nation avoid what he described as \"Armageddon\". As the cut-off date approaches the White House has said it is open to a short-term deal to raise the debt ceiling but only to buy time as part of a broader arrangement to slash the ballooning deficit. Obama has in the past rejected short-term measures, insisting on raising the $14.3 trillion US debt limit by enough to avoid another politically painful vote before his November 2012 re-election bid. Adding to the downbeat mood was HSBC\'s preliminary purchasing managers index, or PMI, for China, which fell to 48.9 in July from a final reading of 50.1 in June. The figure represents the first contraction since July 2010 and is the lowest since March 2009. A reading above 50 indicates the sector is expanding, while a reading below 50 indicates contraction. The bank will publish its final figures on August 1. HSBC said it expected a contraction, which comes after five interest rate hikes since October, which Beijing introduced as it tries to tame inflation, which hit a three-year-high 6.4 percent in June. A slowdown in activity in China is considered bad for other economies as many nations rely on the Asian giant to help propel their own growth. However, there was some cheer for investors after news from Europe that an agreement had been reached between German Chancellor Angela Merkel and French President Nicolas Sarkozy over a new Greek bailout. The deal would be the basis for discussions at a eurozone summit that will take place later Thursday, according to a French delegation source. The pair had aimed to find a position that would be given the go-ahead by the European Central Bank to save Athens from defaulting and contain the debt crisis that has threatened to spread to Italy and Spain. However, the lack of detail in the Franco-German plan did provide some with cause for concern. \"The market is now waiting to see what the expected Greek aid package looks like,\" said Dai Sato, dealer at Mizuho Corporate Bank. The announcement boosted the euro, which hit $1.4272 in Tokyo afternoon trade from $1.4212 in New York late Wednesday. The single currency is up more than a cent from Wednesday Asian trade. The European single currency also jumped to 112.47 yen from 111.88 yen. The dollar edged up to 78.79 yen from 78.77 yen. Tech shares were mixed after US chip giant Intel said second-quarter profits were slightly better than expected but warned that PC sales for the full year would be lower than previously forecast. On oil markets, New York\'s main contract, West Texas Intermediate (WTI) for September delivery, rose three cents to $98.43 a barrel and Brent North Sea crude for delivery in September was down 36 cents to $117.79. Gold closed at $1,596.50-$1,597.50 an ounce in Hong Kong, up from Wednesday\'s finish of $1,591.00-$1,592.00. In other markets: Singapore rose 0.38 percent, or 11.98 points, to 3,138.51. Singapore Airlines edged up 0.07 percent to Sg$14.63 and DBS Group Holdings was 0.13 percent higher at Sg$14.98. Taipei ended 0.13 percent, or 10.97 points, higher at 8,717.14. Leading smartphone maker HTC rose 5.5 percent to Tw$920.0 while Taiwan Cement was 2.32 percent higher at Tw$46.3. Manila fell 0.16 percent, or 7.03 points, to 4,480.01. The loss follows a six-day rally that sent the index to a record high. SM Investments was flat at 539 pesos, Vista Land rose 6.0 percent to 3.35 pesos and Philex Mining fell 5.0 percent to 26.65 pesos. Wellington closed 0.38 percent, or 12.97 points, higher at 3,421.34. Telecom rose 1.8 percent to NZ$2.60, Fletcher Building was up 0.5 percent at NZ$8.16 and Air New Zealand gained 0.9 percent to close at NZ$1.19. Kuala Lumpur rose 0.21 percent, or 3.22 points, to close at 1,565.81. Budget carrier AirAsia added 4.9 percent to 3.67 ringgit, while finance firm RHB Capital gained 2 percent to 9.18. Utility company Tenaga Nasional lost 1.1 percent to 6.52 ringgit. Jakarta rose 0.43 percent, or 17.44 points, to 4,068.07. Bangkok added 0.25 percent, or 2.78 points, to close at 1,104.15. Coal producer Banpu dropped 10.00 baht to 730.00 baht, while energy giant PTT Plc rose 3.00 baht to 349.00. Indian shares slid 0.36 percent. The benchmark 30-share Sensex index closed down 66.19 points to 18,436.19. Reliance Communications fell 4.24 percent, or four rupees, to 90.45 after media reports said the Income Tax department would be allowed to quiz some company officials next week in relation to a 2G telecom scam. India\'s largest private aluminium producer Hindalco fell 1.14 percent, or 2.05 rupees, to 177.3.

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 us debt fears spook asian shares Arab Today, arab today us debt fears spook asian shares

 



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 us debt fears spook asian shares Arab Today, arab today us debt fears spook asian shares

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
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 Trump: End of Daesh is in sight

GMT 20:29 2017 Monday ,23 October

Trump: End of Daesh is in sight
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
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 Lost Australia diver swam miles

GMT 19:09 2017 Monday ,23 October

Lost Australia diver swam miles
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 Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

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 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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