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Asia Stock Markets And Euro Down On Double-Dip Fears

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BBC being negative about economy!

BBC telling the truth!!

blood bath coming unless ppt still have some magic left (running out of options):

Asia stock markets and euro down on double-dip fears

Asian stock markets have tumbled and the euro has reached a new four-year low against the dollar, amid renewed fears of a double-dip recession.

Japan's Nikkei 225 was down 4% at one point before recovering slightly, while the Chinese Hang Seng fell 2.9%.

Meanwhile, the euro dropped 2.8% against the dollar over the weekend to $1.188, before rebounding slightly.

Fears were largely driven by disappointing US jobs data released on Friday night.

Oil and gas stocks have been particularly badly hit, amid worries that global energy demand may be slowing.

Oil woes

The price of Brent crude oil dropped 8% over the weekend to $70.50, before recovering to $71.50.

Meanwhile on currency markets, the pound continued to split the difference between the dollar and euro.

Against the dollar, sterling was down 1.85% to $1.44, while against the euro it was up 1.1% to 1.213 euros, its highest level since 2008.

As well as US job woes, market angst over the eurozone was piqued further on Friday afternoon.

In Hungary, a spokesman for the new prime minister claimed that the country faced a "Greek-style" financial crisis after the outgoing government had allegedly falsified data.

However, the Hungarian government has since been at pains to rephrase the comments after the country's currency, the forint, dropped 6% against the dollar on the news.

Worries about the health of eurozone banks were also heightened by an unsubstantiated market rumour on Friday that French bank Societe Generale had suffered a big loss in its financial derivatives trading.

The bank said it had no comment to make about the rumour that saw its share price plummet 7.6% on Friday.


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Asia down around 2.5% or so on average, Japan a bit worse:

Asia/Pacific Last Trade Change Related Information

^AORD All Ordinaries (Australia) 4,350.70 6:17am -121.70 (-2.72%) Components, more...

^BSESN BSE 30 (India) 16,712.28 6:36am -405.41 (-2.37%) more...

^HSI Hang Seng (Hong Kong) 19,321.13 6:31am -458.94 (-2.32%) Components, more...

^JKSE Jakarta Composite (Indonesia) 2,747.37 6:46am -75.88 (-2.69%) Components, more...

^KLSE KLSE Composite (Malaysia) 1,286.32 6:46am -8.07 (-0.62%) Components, more...

^NZ50 NZSE 50 (New Zealand) 3,030.14 4 Jun 6.03 (+0.20%) Components, more...

^N225 Nikkei 225 (Japan) 9,520.80 6:00am -380.39 (-3.84%) more...

^NSEI S&P CNX NIFTY (India) 5,009.20 6:46am -126.30 (-2.46%) Chart, Components, more...

^KS11 Seoul Composite (South Korea) 1,637.97 6:02am -26.16 (-1.57%) Components, more...

000001.SS Shanghai Composite (China) 2,509.72 6:31am -43.87 (-1.72%) Components, more...

^STI Strait Times (Singapore) 2,757.60 6:46am -48.91 (-1.74%) Chart, Components, more...

Not bad enough for a black day, yet. Still a lot optimism out there with manufaturing orders in the UK at a 15 year high as people demand more goods to buy while ignoring debt or the probability of austerity ahead:


Manufacturers' sales and orders see strongest surge in more than 15 years
Richard Tyler, 6:44, Monday 7 June 2010
Manufacturers have seen the strongest surge in sales and orders for more than 15 years suggesting that the recovery is taking hold, says trade body the EEF.
Edited by Realistbear

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FTSE joins global share sell-off as Hungary fears mount

Shares and the euro plummeted Monday as traders took their lead from a slumping Wall Street and worries that Hungary's public finances face a Greece-style meltdown.

The FTSE 100 fell 1.2pc to 5063.6, the French CAC index was 1.65pc lower at 3398.7, with the DAX (Xetra: news) down 1.1pc at 5871.7. Fresh fears for the global recovery were stoked on Friday after worse-than-expected US jobs figures and news that Hungary, which was bailed out in 2008 by the EU and International Monetary Fund, was facing fiscal trouble again.

On Monday, banking stocks extended their falls from the previous session, with the STOXX Europe 600 Banking index down 1.3pc. Banco Santander, Lloyds Banking Group and Barclays (LSE: BARC.L - news) fell 1.5pc to 2.6pc.

"The volatility of last week carries on," said Justin Urquhart Stewart, director at Seven Investment Management. "Hungary and its debt situation is adding to the nerves in the market following the US jobs data on Friday."

The pound also slipped more than cent against the dollar to $1.44, as traders fretted over the state of the UK economy and the impact of possible austerity measures.

Prime Minister David Cameron will warn on Monday that the budget problem facing Britain is worse than he thought and the potential consequences even more critical.


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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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