▲ Up
23:46 28-10-2016
MAIN АКИpress CA-News
About us On-line subscription
Asian stocks fall, ECB uncertainty continues to pummel euro

Bishkek (AKIpress) - e5d3c87fc4beb2d64c47087eaf50566d Asian shares slipped on Tuesday as a U.S. holiday robbed markets of momentum, while the euro hit a fresh one-year low on uncertainty over the European Central Bank's policy decision later this week, reports Reuters.

Spreadbetters expected an effectively flat open for Europe, with Britain's FTSE .FTSE, Germany's DAX .GDAXI and France's CAX .FCHI forecast to open about 0.1 percent higher. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost 0.6 percent after managing to carve out gains on the previous day.

With U.S. markets closed for Labor Day, investors in Asia were somewhat subdued. The mood was also tempered by persistent geopolitical concerns and anemic manufacturing surveys in Asia and Europe showing pockets of weakness in the global economy.

Tokyo's Nikkei .N225 bucked the trend and rose 1.2 percent, with a planned cabinet reshuffle by Prime Minister Shinzo Abe helping fuel reform hopes. The dollar, boosted by the flagging euro and gains in Tokyo shares that dented the appeal of the safe-haven yen, rose to a seven-month high of 104.87 yen JPY=.

"The dollar's gains are driven by actual flows, such as options-related buying. The market is also keeping an eye on the rise in equities," said Shinichiro Kadota, chief Japan FX strategist at Barclays Bank in Tokyo.

Immediate focus was on the ISM's report on U.S. manufacturing due later in the day, which might point to the U.S. phasing out quantitative easing just as the ECB contemplates its adoption. The euro slipped to a fresh one-year low of $1.3115 EUR=.

The common currency was expected to remain under pressure ahead of Thursday's European Central Bank policy meeting. While many market participants do not expect the ECB to take major easing steps this week, a few are seen braced for new policy measures. Further central bank easing is considered a matter of when and not if in the face of risks to euro zone growth posed by the Ukraine conflict and stubbornly low inflation.

"This week may start to mark the biggest shift in global monetary policy since 'Abenomics' went into full steam on the appointment of Haruhiko Kuroda to head up the BOJ," equity strategists at Jefferies wrote in a note to clients.

The decline in European headline inflation rates, collapse in German bund yields, and the call by the president of the ECB for 'growth friendly' fiscal policy suggests that Europe is finally moving towards quantitative easing, they said. The Australian dollar showed little reaction to the well-anticipated decision by the Reserve Bank of Australia to keep its cash rate at a record low 2.5 percent for the 12th consecutive meeting.

The Aussie was down 0.4 percent at $0.9296 AUD=D4 after brushing a one-week low of $0.9285. In commodities, Brent crude held steady below $103 a barrel on Tuesday, with new unrest in OPEC oil producer Libya balanced by concerns of slowing oil demand growth due to weak economic recoveries in China and Europe. [O/R]

Palladium hovered near a 13-1/2 year high of $910 an ounce hit overnight on fears that possible Western sanctions against Russia over the Ukraine crisis could hit supply from the world's top producer of the metal, while gold nudged higher. [GOL/] Spot palladium XPD= last traded at $904.50 an ounce. Russia accounted for more than 40 percent of global palladium supply last year.

13:07 02.09.2014
21:58 Ex-Minister of Education Sariyeva explains reason for her dismissal20:51 Escape from penal colonies of Kyrgyzstan is impossible, only human factor may occur - State Penitentiary Service Chairman20:22 Former Defense and Deputy Defense Ministers of Kyrgyzstan accused of abuse of power18:59 Body of hunter found under avalanche in Suzak18:14 License for conducting medical activities is issued only to doctors, no license is given to healers – Health Ministry17:48 Online fishing licensing system launches in Mongolia17:35 Colombian Ambassador stands for boosting cultural ties with Mongolia17:25 Acting PM chairs meeting of Council of CIS Heads of Government in Minsk17:23 Kyrgyz Health Ministry to provide 100% cooling equipment for storage of vaccines by 202017:12 Germany's Physics and Technology Institute carries out energy efficiency improvement project in Mongolia16:57 Bank of Mongolia, World Bank drafting bill to benefit banking and finance organizations16:42 State Migration Service Chairman stresses importance of cooperation in sending Kyrgyz employees to Japan16:41 Germany sending its tanks to Russian border as part of NATO plans16:37 Sagintayev attends meeting of CIS Council of Heads of Government in Minsk16:35 Mongolia improving disaster resilience for herders16:14 Migrants Federation of Russia and Kyrgyz public organization sign cooperation agreement16:08 PM: Regaining investors' confidence is top priority for Mongolia15:51 Fair at Sukhbaatar Square suggests various goods with 30% discount15:46 Ex-mayor of Moscow congratulates Nazarbayev on 25th anniversary of Kazakhstan's independence15:31 South Korea's President embroiled in leaked documents scandal
0° C
+19° C
+10° C
+17° C
+22° C
-6° C
exchange rates

© AKIpress News Agency - 2001-2016. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75