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  • » 06/22/2012, 00.00

    ASIA

    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 per cent.

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    See also

    24/06/2011 ASIA
    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.

    08/08/2011 ASIA
    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.

    29/10/2008 ASIA
    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.

    04/10/2011 ASIA
    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.

    13/03/2009 ASIA
    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.



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