Premarket: Few signs of market panic as Greece nears default

30 Jun 2015 | Author: | No comments yet »

Asian shares gain after global rout as euro slips.

Wellington: Asian stocks rose with US index futures in the wake of a $1.5 trillion global rout Monday, while the euro pared a quarterly advance as investors watch developments in Greece. About $1.5 trillion was erased from the value of global equities Monday after Greece short-circuited bailout talks by calling a referendum on creditor demands. Chinese authorities stepped up efforts to quell market panic, allowing pension funds to buy stocks as a brokerage association called on investors and fund managers to stabilize the market. “After the recent correction, investors might think stocks are oversold and hope regulators will introduce further measures to support the market,” said Shen Zhengyang, an analyst at Northeast Securities Co. in Shanghai. “The fund industry association’s remarks on stocks might also have boosted investor confidence.” The Shanghai Composite, which finished Monday more than 20% below a 12 June high, is swinging by the most since 2008. Investors should look at stock market risks from a long-term and rational point- of-view, according to a statement from a sub-committee of China’s Asset Management Association.

The government is considering pushing China Nuclear Engineering’s IPO to a later date because of current market conditions, according to people familiar with the situation, who asked not to be identified as the matter is private. Greek Prime Minister Alexis Tsipras claimed Monday that regional leaders didn’t have the nerve to kick them out of the euro and that a “no” vote in the 5 July referendum will strengthen the country’s bargaining position. While European Central Bank Executive Board member Benoit Coeure said in an interview with Les Echos published late Monday that a “yes” decision will prompt euro zone members to “find the means, under one form or another, to honor their commitments.” The euro lost 0.4% against the dollar and fell 0.6% to ¥136.94 on Tuesday.

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