04/05/2012, 00.00
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Asian stocks down: fears for European debt, while oil rises

Tokyo, Seoul, Hong Kong lost at least 1%. Shanghai also drops, because of the state banks, hit by Wen Jiabao’s "no" to their monopoly. Federal Reserve reluctant to new stimulus measures.

Hong Kong (AsiaNews / Agencies) - At midday the Asian markets are all down, with shares at their lowest level in a month. Analysts maintain this depends on doubts about Europe's ability o to solve the debt crisis and the lack of indications of possible stimulus by the Federal Reserve.

Stock markets in Tokyo, Seoul and Sydney were down 1%, Hong Kong, a few minutes after the opening, fell below 1.8%; Shanghai dropped by 0.33%. State banks are among the most negative titles, as a result of the promises made yesterday by Premier Wen Jiabao to stop their monopoly on loans, and open to the private banks.

Yesterday, European banks also fell sharply, mainly because of slack sales of Spanish bonds. In addition, the Fed has signaled that it may no longer offer any economic stimulus.

In New York oil rose by 0.7% reaching 102 dollars a barrel, yesterday it had dropped to 2.4% after the publication of data on U.S. government reserves, which climbed the most since 2008.


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