Posted on 05/04/2010 7:45:22 PM PDT by blam
GLOBAL MARKETS-Greek Woes Hit Asian Shares, Euro Down
Vikram S Subhedar
Tue May 4, 2010 10:28pm EDT
* Euro slides, hits one-year low against dollar
* Asian stocks drop; materials, resources lead losses
* Oil slips below $82 on rising inventories, strong dollar (Repeats to more subscribers)
HONG KONG, May 5 (Reuters) - A tumble in global stocks spread to Asia on Wednesday on heightening fears that Greece's debt woes could spread to other countries.
"One gets the feeling that the euro zone is turning out to be a basket case and of course rumours about Spain and Portugal's sovereign debt isn't helping. I suspect the market wants to take the euro to as low as $1.25 in the short term," said Joanthan Cavenagh, currency strategist at Westpac, Sydney.
* The euro EUR= fell to a one-year low of $1.2936 in Asian trade, having fallen past key support around $1.3000 on Tuesday when it lost over 1.5 percent.
* The MSCI index of Asia ex-Japan stocks .MIAPJ0000PUS was down over 1.5 percent. Markets in Japan, Korea and Thailand are closed.
* Australian stocks .AXJ0 tumbled 1.8 percent, the steepest fall in three months, with the resources sector leading losses. Hong Kong's Hang Seng .HSI opened about 2 percent lower.
* The U.S. dollar was a major beneficiary of risk aversion with its index =USD .DXY up 0.28 percent, on top of a 1.4 percent rise on Tuesday. That was the biggest daily gain so far this year and took the index to the highest since May 2009.
* Euro/yen EURJPY=R hovered around recent lows just below 123 yen, having lost over 1.6 percent in the previous session. The Aussie/yen AUDJPY=R was down at 86.21 yen..
[snip]
Click here to see the results of the Asian markets.
(Excerpt) Read more at reuters.com ...
This doesn’t look good.
“This doesn’t look good.”
I’ve been waiting for it.
Joe Weisenthal
May. 4, 2010, 9:58 PM
Following the big US market tank, Asian markets are picking up the baton.
Shanghai is down 8%. Hong Kong is off .2%. Tokyo remains on a long weekend.( The Nikkei 225 market is closed)
And here's the most distressing market. The euro is now decisively below $1.30, with steady selling all night and into the Asian morning.
[snip]
Well, here it is.
I really thought this was going to happen last year.
But according to the current occupant of the White House, it's all the previous administration's fault...
If we selloff in the AM...I’m buying at 1 30.
This could be a nice buying opportunity.
...or not lol....but I’m going in.
What in particular?
Wrong statement. Correct statement: fears that scrutiny of Greece's debt is also uncovering major debt problems in other countries.
Oh ****
I agree. Dollar up 1%, DJIA down 2% -- a 1% gap perhaps of overcorrection. I bought two positions just before the closing bell hoping to make a quick buck, betting on the overcorrection theory. If not, I am am long term investor!
Currency Collapse/Global Depression.
I hope I’m wrong. I hope it’s just the infamous double dip coming our way.
I hope you are right.
Whoa baby-—this is not pretty.
The DOW hit a PERFECT 61.8 retracement from 07 highs, came back to retest and failed miserably. Hang on, we are going down.
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