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New Overnight Developments Abroad – Daily Update

More Angst about Europe as G8 Leaders Gather at Camp David for Annual Summit

May 18, 2012

Pacific Basin equities took another deep dive, falling 3.0% in Japan, 2.7% in The Philippines and Australia, 3.4% in South Korea, 2.8% in Taiwan, 1.6% in Thailand and Indonesia, 1.5% in China and Singapore, and 1.3% in Hong Kong.  In the epicenter of worry, stock prices are down 2.1% in Stockholm, 1.0% in London, but [...] More

Fresh Decline in European Share Prices after Better Tone in Asia

May 17, 2012

Asian markets were supported by the FOMC minutes and Japanese first-quarter GDP.  Equities around the Pacific Rim rose 3.1% in The Philippines, 1.7% in Taiwan, 1.5% in China, and 0.9% in Japan. FOMC minutes released Wednesday indicated a preference not to stimulate further yet but a willingness to do so if outlook deteriorates appreciably. Japanese [...] More

Pacific Rim Share Prices Clobbered on Escalating Greek Crisis

May 16, 2012

Equities fell 3.2% in Hong Kong, 3.1% in South Korea, 2.4% in Australia, 2.2% in Taiwan, 1.8% in India, 1.6% in Singapore, Indonesia and China, and 1.1% in Japan.   The British Ftse and German Dax have lost 0.7% and 0.6%, but the Paris Cac is 0.7% firmer. Sterling reacted poorly to the Bank of England [...] More

Last Effort to Avert Greek Election Do-over in June

May 15, 2012

Released European data overnight were mixed.  The United States releases many economic indicators as well today.  German Chancellor Merkel and French President Hollande meet today, and there is a meeting too of EU finance ministers. The dollar has lost 0.3% against the Australian dollar, 0.2% versus the loonie and 0.1% against the yuan, euro and [...] More

Rising Possibility of Greece Leaving EMU Sends Euro to Multi-Month Lows as Stocks Also Plunge

May 14, 2012

The euro fell to its weakest dollar level ($1.2861) since January 19 and lowest yen value (102.94) since February 16. Share prices have tumbled 2.4% in Paris, 2.2% in Frankfurt and 1.8% in London. Ten-year German bund and British gilt yields sank by seven and nine basis points.  The 10-year Treasury futures suggests an opening [...] More

J.P. Morgan Disclosure and Chinese Monthly Data Rattle Equities

May 11, 2012

The last thing fragile world financial markets needed was another credit derivative trading bomb shell.  After U.S. markets closed Thursday, J.P. Morgan disclosed a loss of at least $2 billion incurred in trading credit derivatives, and share prices fell today by 1.4% in South Korea, 1.2% in Vietnam, 1.1% in Taiwan, 1.3% in Hong Kong, [...] More

Dollar Steady Despite Lots of New Information

May 10, 2012

The dollar shows no overnight change against the yen, euro, and Swiss franc.  The greenback lost 0.5% against the Aussie dollar, 0.3% relative to the kiwi, and 0.1% versus the loonie and sterling.  The Chinese yuan dipped 0.1% following a weak export and import data. Share prices in Europe are down 0.7% in Paris and [...] More

Gloom about Europe Overshadowing Everything Else

May 9, 2012

The view is gaining support that Greece will soon abandon the euro, triggering a chain reaction that will spread to Spain and beyond.  IMF/EU/ECB aid monitors have scrapped plans to visit Greece this month pending clarification of that nation’s political situation.  It seems Greece may hold new elections on June 17, the same day as [...] More

Continuing Investor Worries over European Political Shifts

May 8, 2012

Movement overnight in the dollar and yen reflect European-Inspired risk aversion.  Japan’s currency is 0.2% stronger against the dollar, which otherwise has climbed 0.5% against the Australian and New Zealand dollars, 0.4% versus the loonie, 0.2% relative to the euro and sterling and 0.1% against the Swiss franc.  The yuan is unchanged and slightly above [...] More

European Voters Say No Mas to Austerity

May 7, 2012

Socialist Francois Hollande was elected President France, defeating Nick Sarkozy, who became Euroland’s 11th incumbent leader to be kicked out of office since the start of the sovereign debt crisis in 2009.  Hollande favors stronger fiscal stimulus and campaigned on a promise to renegotiate the EU treaty on fiscal discipline.  Voters split 51.9% for Hollande [...] More