New Laws of Commercial Registration and Trade Names take effect on Thursday    Civil Defense warns of heavy rains across Saudi Arabia until Monday    Saudi Exchange suspends trading of seven companies over financial disclosure delays    New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    EU preparing 'further countermeasures' to protect its interest, von der Leyen says    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Asia stocks down as euro debt woes multiply
Published in Saudi Press Agency on 06 - 01 - 2012

Asian stock markets faltered Friday amid worries over the health of Europe's banks and fears that the continent's debt crisis might be spreading beyond a handful of small economies, according to AP.
Benchmark oil stood below $102 per barrel while the dollar rose against the euro and the yen.
Japan's Nikkei 225 Index fell 1.5 percent to 8,359.92. Hong Kong's Hang Seng index fell 1.4 percent at 18,550.37. South Korea's Kospi fell 1.7 percent to 1,833.50. Benchmarks in mainland China, Singapore, Taiwan, India and Indonesia also were lower.
Developments on Thursday magnified fears that Europe's debt crisis - which dominated so many of 2011's financial headlines - was flaring anew.
Trading in UniCredit, Italy's largest bank, was halted after the stock lost a quarter of its value. The bank said Wednesday that it would need to offer huge discounts to investors to raise money in a new share sale.
Hungary, meanwhile, had to pay a staggeringly high interest rate of 10 percent on its 12-month debt. That is far above the 7 percent level that forced Greece and Portugal to seek emergency bailouts to prevent them from defaulting on their debts. The development hurt investment confidence, analysts said.
Chinese building and property shares slumped. Hong Kong-listed Anhui Conch Cement Co. plummeted 6.1 percent, while China Resources Cement Holdings Ltd. lost 6.2 percent. China National Building Material Co. lost 6.1 percent.
Japanese export shares were also hurt as the euro currency plunged against the yen. A strong yen cuts into repatriated profits and makes Japanese products more expensive overseas. Yamaha Motor Co. plunged 4 percent while Nissan Motor Co. fell 2.5 percent. Sony Corp. lost 2.8 percent.
At a news conference in Tokyo, Japanese Finance Minister Jun Azumi expressed concern about the euro's weakness against the yen.
"I am carefully monitoring the market. It is also important to monitor the movements from a long-term perspective."
The euro's weakness - and yen's strength - could have a "considerable impact" on Japan's exporters, he said.
In the U.S. on Thursday, investors were encouraged by a report on the U.S. job market. Weekly unemployment claims declined again, one day before a crucial report on the national jobs picture in December.
The Dow Jones Industrial Average had a tiny decline to end at 12,415.70. The Standard & Poor's 500 index rose 0.3 percent to close at 1,281.06. The tech-heavy Nasdaq rose 2.5 percent to 2,669.86.
Benchmark oil for February delivery fell 42 cents to $101.39 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell by $1.41 to end Thursday at $101.81 in New York.
In currency trading, the euro fell to $1.2777 from $1.2782 late Thursday in New York. The dollar was slightly higher at 77.20 yen from 77.18 yen.


Clic here to read the story from its source.