» 06/22/2012, 00.00
Asian shares down after Moody's downgrades 15 banks
Seoul is down 2.2 per cent, Hong Kong, 1.08. For the banks, Moody's ratings are "unwarranted, arbitrary, [. . .] opaque," and "disappointing". US Federal Reserve cuts half a point from its predictions of US growth.
Hong Kong (AsiaNews) - Asian shares are down today,
following Wall Street's decline yesterday, and especially Moody's decision to downgrade
15 banks and financial institutions. Hong Kong dived 1.08 per cent in the
afternoon. Tokyo dropped 0.29 per cent, and Seoul tumbled 2.22 per cent.
Yesterday, Moody's lowered the credit rating of 15
banks: four dropped by one level, ten dropped by two levels and one plunged by
three levels. The institutions are the Bank of America, Barclays, Citigroup,
Credit Suisse, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Royal Bank
of Scotland, BNP Paribas, Crédit Agricole, Deutsche Bank, Royal Bank of Canada,
Société Générale and UBS.
Moody's said that these institutions could suffer huge
losses because they are too exposed to the current financial crisis and to one
another. As expected, the banks quickly criticised the rating agency.
Citigroup called Moody's decision "unwarranted, arbitrary"
and "opaque". It added that the rating agency dealt out "disproportionately
adverse treatment" to US banks compared with their rivals in Europe,
Bank of America and Morgan Stanley defended their balance
sheet, accusing Moody's of not giving adequate credit for the substantial
improvements they made.
Faced with the largest downgrade, Credit Suisse was particularly
dissatisfied with the agency's rating.
The evolution of Asian and world markets are making matters
worse. Forecast about lower Chinese growth is particularly disappointing.
In the United States, the US Fed predicted growth
would be even worse than thought this year, between 1.9 and 2.4 per cent.
The Dow ended 1.96 per cent lower; Nasdaq dropped 2.44
Oil prices down, Asian stocks up
The International Energy Agency releases 60 billion barrels from the reserves. After seven weeks of decline, share values climb. EU decision to help Greece and Wen Jiabao’s pledge to contain China’s inflation help trend.
Asia stock markets plummet amid fears of new global crisis
All markets slide, some loosing up to 5%. A decline or stagnation of U.S. and European economies feared, with a reduction in consumption and exports from Asia. The G-7 promises to "support financial stability and growth." The ECB seems intent on buying Italian and Spanish bonds. The economies of many Asian countries at risk of. China’s criticism.
Asian markets follow Wall Street and rebound
In Tokyo the Nikkei is back over the 8,000-point barrier. Hong Kong and Mumbai are also up. But scepticism continues to prevail. Shanghai and Singapore are still in negative territory with Seoul worse of all.
Shares lose, as Dexia shows signs it might become Europe’s Lehman Brothers
Shares of the Franco-Belgian bank plunge by 20 per cent. The institution’s exposure to Greek debt is € 4.8 billion. Asian shares lose, Hong Kong by 3.4 per cent, Tokyo 1.05 per cent, Seoul by 3.59 per cent. European shares also drop, London's by 1.4 per cent, Frankfurt by 1.72 per cent, Paris by 1.49 per cent, and Milan by 2.9 per cent.
Stocks up in Tokyo and Hong Kong, stable in Shanghai
Nikkei index gains more than 5 per cent after government announces measures to bolster the economy. Shanghai loses slightly. Wen’s reassurances are not enough. Other Asian markets do well.
Card. Tong’s article on China-Holy See dialogue, arouses joy and dismay
The Hong Kong bishop’s optimism over a change in the method of appointing bishops and the function of the Patriotic Association. But it is unclear whether it is real change or just nominal, in words. Underground bishops are patriotic and love their country, but the Party is suspicious of them. Freedom in episcopal appointments is “essential", but the bishops are not free to exercise their ministry. Patriotic bishops controlled in their visits with members of the universal Church. The "bugs" (hidden microphones) in a bishop’s office.
Card. Tong: The future of Sino-Vatican dialogue from an ecclesiological point of view
Card. John Tong
The Hong Kong Cardinal outlines the steps that hope to propel dialogue between China and the Holy See. Themes include the Pope's role in the appointment of bishops; A change of vision in the Patriotic Association; the possible integration of the underground bishops in the Episcopal Conference. A new article by card. John Tong, following a previous article published a few months ago on "Communion of the Church in China with the universal Church."
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