» 05/16/2012 ASIA Fears over Greece and Chinese loans drag Asian markets down Losses in Hong Kong (-2.7), Tokyo (0.8), Shanghai (-0.4), Seoul (-1.3). Influence of new elections in Greece and its possible pullout of euro zone, but also fears of a clampdown on loans by China.. Chinese banks, PetroChina and even gambling are in crisis.
Hong Kong (AsiaNews) - Asian markets have been hit by losses,
spurred on by fears over the fate of
Greece and the euro zone. At
midday the stock market index
in Hong Kong fell by 2.7%, reaching the
lowest point in the last four
months. Tokyo is also negative
-0.4; Seoul - 1.3%.
Analysts point the finger to Greece,
where yesterday political leaders have
failed to form a new government,
giving way for new elections in June.
The fear is that the
next election will be won by a
government opposed to the drastic
austerity measures imposed on the
country, affecting aid for the rehabilitation of the sovereign debt. Without this aid Greece would
be forced to declare bankruptcy
and leave the euro zone.
Yesterday, news of
the failure to form a government in
Athens unleashed a wave of
negativity on all European
markets and Wall Street.
The negative results are also due to the news coming
yesterday the official media reported
that the four domestic banks registered no increase in lending in the last two weeks, raising
fears of a sharp slowdown in
the Chinese economy.
Some banks among
the strongest in China,
such as China Construction
Bank lost 2.2% in Hong Kong and 1.3 in Shanghai,
the China Citic Bank
was down 6% in
Hong Kong and PetroChina lost for 3.2
and 0.7 in
Hong Kong and Shanghai.
Even gambling is
in crisis, Galaxy Entertainment
has lost 3.6% and Wynn Macau, 4.8.