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  • » 05/16/2012, 00.00

    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 (-0.8%); Shanghai -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 from China, 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.

     

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    See also

    13/02/2012 ASIA - GREECE
    Stock markets gain in Asia, while Athens burns
    The markets react well to the Greek parliament's decision to launch the new austerity measures: government jobs cut by 15 thousand, the minimum wage reduced by 20%; liberalization of labor laws, revising debt with the banks. The new measures required by the EU and IMF as a condition for new loans.

    06/07/2015 ASIA – GREECE
    Asian stock markets fall after Greek No vote and Shanghai’s share plunge
    The Greek referendum hits Asia-Pacific financial markets. The greatest looser is mainland China where shares have been steadily declining for weeks. In view of the situation, Japan is ready to do its part. In Seoul, blue-chip shares drop by 2.5 per cent. Wall Street’s holiday on Friday for Independence Day adds to the uncertainties.

    28/04/2010 ASIA - EU
    Asian markets fall in wake of crisis in Greece
    All markets down in Asia down 2-3%. The Greek government bonds described as "junk." Fears of a new crisis in the eurozone and worldwide.

    06/09/2011 ASIA
    Asian markets slide, fears over euro and U.S. unemployment
    Falls in all stock markets following heavy losses in Europe yesterday. 50% likelihood that next year will see a recession in the U.S.. Fresh concerns over sovereign debt in Europe.

    25/03/2013 ASIA - CYPRUS
    Asian markets up after deal to save Cypriot economy
    Tokyo +1.7, Hong Kong +0.7, Seoul +1.3. The bailout affects only two banks and imposes a tax on deposits over 100 thousand euro. For the International Monetary Fund, the percentage to be deducted on deposits should not be subjected to a vote in the Cypriot Parliament.



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