GLOBAL MARKETS-China stock bounce lifts Asian markets, but Greek crisis …

30 Jun 2015 | Author: | No comments yet »

European stocks fall again on Greece crisis, Asia rebounds.

TOKYO — Asian stock markets bounced back Tuesday, recouping some of the previous day’s sharp fall, but European indexes widened their losses as investors fretted the debt crisis in Greece could spread to other countries in the region. Greek leaders pulled out of talks with creditors that include European nations and the International Monetary Fund and called a referendum that’s likely to determine if Greece stays in the euro common currency.

In the vote set for Sunday, the government is urging Greeks to vote against its creditors’ proposals, arguing that they are humiliating and that they would prolong the country’s financial woes. “Greece and the outcomes of a rejection of austerity have always been a known unknown, but the timing and sheer defiance from the Greeks have startled markets,” said Chris Weston, chief strategist at IG, in a market commentary. “Traders have been smacked into action and a real wake-up call has been provided.” In Asia, Japan’s benchmark Nikkei 225 gained 0.6 percent to 20,235.73 after dropping to its lowest point for the year Monday. China’s Shanghai Composite jumped 5.5 percent to 4,277.22 while Australia’s S&P/ASX 200 was up 0.7 percent at 5,459.00. “Most traders are well prepped over the possible fallout of Greece.

It’s guessing which card will fall next that’s the difficult bit,” said Nicholas Teo, analyst at CMC Markets in Singapore. “The Brazilian real was knocked back hard these past days as have the Turkish lira and most other emerging Asian currencies. The Dow Jones industrial average lost 350.33 points, or 2 percent, to 17,596.35, and the Nasdaq composite fell 122.04 points, or 2.4 percent, to 4,958.47.

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