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Slight dip in Asian markets, but rising concerns over growth and European debt
Tokyo, -1.3, -1.5 Hong Kong, Seoul (which had opened at -4) +1; Singapore -1.59; Shanghai + 0.9. New record in price of gold over 1800 dollars an ounce. Could even reach 5 thousand dollars per ounce.
Hong Kong (AsiaNews) - Asian markets had mixed results today, a sign of the contradictory information on the market. But overall, the regional index fell for the seventh consecutive day on concerns that European debt will hit Asian exporters hard.
At midday, Tokyo was down 1.3%, Hong Kong -1.5. Seoul, which had opened at - 4, has risen to more than 1%, Singapore has lost 1.59; Shanghai is slightly more positive: + 0.9. Mumbai is also down.
The beginning of the morning had seen a big sell-off frenzy, fueled by rumors yesterday that the French credit was downgraded from triple A.
These rumours - denied by the rating agencies - hit the European markets hard. Yesterday Paris closed at -5.5% less.
As uncertainty grows over the state of the U.S. and European economies, there is an increasing demand for "safe" commodities. This is leading to new records for the price of gold, which yesterday rose to over 1800 dollars an ounce. According to analysts, given the global situation, it is possible that the price will rise even more, even up to 5000 dollars per ounce.