Asian stocks (MXAP) and the Australian dollar fell after Moody’s Investors Service and Fitch Ratings said the European Union summit last week did little to ease pressure on the region’s struggling governments.
The MSCI Asia Pacific Index slid 1 percent as of 9:31 a.m. in Tokyo. The so-called Aussie fell 0.2 percent, while the S&P/ASX 200 Index sank 1.4 percent. The euro was little changed at $1.3179 after a 1.5 percent retreat yesterday. Oil was also little changed at $97.85 a barrel while Standard & Poor’s 500 Index futures gained 0.3 percent.
The EU summit offered few new measures and doesn’t diminish the risk of credit downgrades on European nations, Moody’s said yesterday. Fitch said a comprehensive solution has not yet been offered and predicted a “significant economic downturn” in the region. Economic data later today may show Germany’s investor confidence slid to a three-year low, while sales at U.S. retailers probably rose in November, based on a survey of economists’ estimates compiled by Bloomberg.
Asian makers of semiconductors and chipmaking-equipment may decline today after Intel Corp. (INTC), the world’s largest chipmaker, cut its sales forecast. The Santa-Clara, California-based company said flooding in Thailand had caused a shortage of hard- disk drives that is forcing computer makers to cut orders for other parts.
The European Financial Stability Facility will auction as much as 2 billion euros ($2.6 billion) of 91-day bills today, while Greece will sell 1.25 billion euros of 182-day bills. Belgium will offer 1.2 billion euros of short-term debt and Spain will auction 364-day and 553-day bills.
The ZEW Center for European Economic Research may say its index of German investor and analyst expectations, which aims to predict developments six months in advance, declined to minus 55.8 in December, according to the median estimate in a Bloomberg News survey of economists. That would be the lowest reading since October 2008.
(source: Bloomberg)
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13/12/2011 09:01:45 AM | 