Hong Kong (AFP) - The euro sank to an 11-year low Monday but Asian equities largely recovered from early losses after an anti-austerity party won Greece's election, throwing its international bailout into doubt and raising fears it could leave the eurozone.
Brussels (AFP) - The eurozone slipped into deflationary territory in December for the first time since the height of the financial crisis in 2009, EU figures showed Wednesday, challenging the ECB to take action to avert a new economic crisis in Europe.
Hong Kong (AFP) - Asian markets tumbled Tuesday following painful losses in New York and Europe while the euro sat near nine-year lows as political uncertainty in Greece fanned renewed fears it could leave the eurozone.
Gold opened at a record high of 1,228.00-1,229.00 US dollars an ounce in Hong Kong on Wednesday, as investors sought a safe-haven over deepening concerns about the eurozone debt crisis.The precious metal closed in Asia on Tuesday at 1,208.00-1,209.00 dollars but later climbed as high as 1,224.82 dollars an ounce in European trade.Analysts said the commodity was likely to maintain its safe haven role while other markets remained vulnerable.The previous record for the metal was set on December 3 last year when it reached 1,226.56 dollars.
Money Morning submits: By Kerri Shannon The Eurozone debt crisis and U.S. economic policy continue to draw speculation over how these countries will overcome growing mountains of debt - and how the incessant borrowing will affect the euro and U.S. dollar.
Oil extended losses below $60 a barrel in New York and declined to a five-year low as the International Energy Agency cut its 2015 demand forecast for the fourth time in five months. Brent also dropped to the lowest in five years.
Buenos Aires (AFP) - Argentine stocks closed down 7.22 percent Tuesday, dragged down by falling oil prices that hit new five-year lows before recovering.On a gloomy day for equities worldwide, the Merval stock index in Buenos Aires tumbled nearly 700 points to 8,888.49.
The euro fell against other major currencies in Asia on Thursday after a short-lived rally on intervention rumours amid persistent concerns over eurozone debts, analysts said.The euro was quoted at 1.2327 dollars in Tokyo afternoon trade after the single currency rallied to 1.2408 dollars in New York late Wednesday. However, it held off from the four-year lows below 1.22 it hit earlier Wednesday.It also fell to 112.92 yen from 113.90.The dollar was at 91.39 yen, down from 91.70 yen in New York.