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» 05/07/2012
Asian stocks fall after the elections in France and Greece
In Tokyo -2.75%, Hong Kong -2.43, Seoul -1.81, Shanghai -0.26: the lowest in six months. The Euro falls to lowest since January. Fears that victory of anti-austerity parties will reject programs to reign in public debt, creating division in the eurozone. From 2009-2010 governments in Spain, Italy, Ireland, Great Britain, Portugal, Denmark, as well as France and Greece have changed. Signs of change in Germany.

Hong Kong (AsiaNews) - The Asian markets have all registered losses - the largest in six months - after the election results in France and Greece, with the victory of anti-austerity parties. The euro has lost value against the dollar and the yen.

In the early afternoon, the Nikkei was minus 2.75%, Hong Kong minus 2.43, Seoul minus 1.81; Shanghai minus 0.26. Even Sydney and Wellington losses of minus 1.84 and minus 0.38.

The euro fell 0.9%, and traded at 1.2981 U.S. dollars in the early afternoon, and at 103.55 yen. The European currency fell to its lowest value since January.

Banks and analysts were quick to say that the cause of the fall of the markets are the election results. Francois Hollande, the first Socialist in 17 years, will now lead France, the second largest economy in Europe, winning in a runoff against Nicolas Sarkozy. Hollande had focused his campaign on the rejection of greater austerity measures, to support growth. The vote in Greece favoured parties opposed to the austerity measures imposed by the government to rectify the abysmal public debt, which has already twice needed the intervention of Europe.

Yesterday, even Angela Merkel's part suffered a loss, while retaining 30% of the vote in Schleswig-Holstein, a dangerous signal ahead of the elections next year.

Kintai Cheung, Crédit Agricole, said in a statement that "the growing influence of anti-austerity political blocs, in all likelihood will intensify the tension in the eurozone, and could open new negotiations on debt consolidation programs."

In the global market feelings of anxiety were already high after Washington published employment data last May 4, with only 115 thousand new jobs, less than expected.

Attempts - so far unsuccessful - to come out of the crisis is changing the political landscape of Europe. From 2009 -2010 the ruling political leaders have gradually been punished by the electorate. Before France and Greece, there were changes in Spain, Italy, Ireland, Great Britain, Portugal, Denmark.


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See also
08/08/2011 ASIA
Asia stock markets plummet amid fears of new global crisis
07/12/2011 ASIA
Asian stocks plummet over Eurozone debt and US “default” fear
08/05/2011 ASIA
Asian stocks plunge after Wall Street and Europe
06/12/2012 ASIA - EU
Asian markets drop after euphoria over Spain cools and fears for Italy and Greece emerge
05/16/2012 ASIA
Fears over Greece and Chinese loans drag Asian markets down

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