Asian markets rise after heavy sell-off

Asian markets climbed on Tuesday and the euro clawed back some of its losses as dealers took a breather from a recent heavy sell-off caused by concerns over the eurozone.

With little to drive sentiment after the weekend, analysts said there was an opportunity to buy after most regional bourses fell into negative territory for the first time in 2012.

Investors were also hoping that finance ministers might take steps to tackle Europe's debt crisis in a telephone conference call later in the day, they said.

Tokyo finished up 1.04 percent, or 86.37 points, at 8,382.00, and Hong Kong was up 0.54 percent by the break, while Sydney ended 1.47 percent, or 58.7 points, higher at 4,043.7 after the central bank cut interest rates.

Seoul closed up 1.05 percent, or 18.72 points, at 1,801.85, but Chinese shares were flat in afternoon trade.

On Wall Street Monday the Dow fell 0.14 percent, the S&P 500 was flat and the Nasdaq Composite gained 0.46 percent.

Despite the gains there were still signs of concern over the deteriorating global outlook.

Australia cut interest rates by 25 basis points to 3.50 percent, citing fears over Europe's crisis and easing growth in key trade partner China.

The cut adds to the 50 basis-point cut the Reserve Bank of Australia announced last month and puts them at a level not seen since the booming mining economy since November 2009.

Markets were looking to the outcome of a conference call later in the day between the Group of Seven finance ministers to discuss Europe's crisis, in particular Spain's travails.

The European Central Bank (ECB) will hold a rate-setting meeting Wednesday, with investors looking to see if it will announce any moves to kickstart the region's stuttering economy.

Masaru Hamasaki, chief strategist at Toyota Asset Management, said: "Any mention by leaders of measures to stabilise the state of Europe's financial system may calm the market, and invite some buying."

Spanish Prime Minister Mariano Rajoy called at the weekend for a banking union in Europe, which would be able to provide aid to lenders, especially in Spain, a move that was seeing support in France and at the ECB.

However, Germany remained strongly opposed for the moment.

Global markets have been hammered since the start of May as Europe's debt troubles returned after a Greek general election saw a strong showing for anti-austerity parties, while Spain's bank crisis has left the already creaking economy teetering.

On currency markets the euro -- which last week hit a 23-month low versus the dollar and a near 12-year low against the yen -- regained a little ground.

The common unit was changing hands at $1.2504, up from $1.2494 in New York on Monday, while it advanced to 97.904yen from 97.89 yen. The dollar was at 76.30 yen from 76.36 yen.

Oil prices rose, with New York's main contract, West Texas Intermediate crude for July delivery, rising 76 cents to $84.74 a barrel and Brent North Sea crude for July up 50 cents to $99.35.

Gold dipped slightly to $1,616.32 an ounce at 0700 GMT, compared with $1,622.08 late Monday.

In other markets:

-- Taipei rose 1.53 percent, or 105.79 points, to 7,000.45.

Computer maker Acer rose by its daily limit of 7.0 percent to end at Tw$31.45, while Taiwan Semiconductor Manufacturing Co. rose 2.22 percent to Tw$78.2

-- Wellington was down 0.90 percent, or 31.20 points, to 3,420.79.

Telecom fell 4.1 percent to NZ$2.435 and Air NZ shed 1.16 percent to NZ$0.85, while Fletcher Building rose 2.0 percent to NZ$6.14.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • ‘Get SAF 44 killers before BBL passage’
    ‘Get SAF 44 killers before BBL passage’

    Lawmakers are demanding the arrest of the Moro Islamic Liberation Front (MILF) fighters involved in the killing of 44 policemen in Mamasapano before the approval of the proposed Bangsamoro Basic Law (BBL) in Congress. Cagayan de Oro Rep. Rufus Rodriguez, chairman of the 75-member ad hoc committee in the House of Representatives deliberating on the BBL, prodded the Department of Justice (DOJ) to speed up its investigation and file charges against the MILF guerrillas as the Aquino administration …

  • Pinoys dance for Earth Hour
    Pinoys dance for Earth Hour

    The Philippines once again displayed its support Saturday night for the worldwide observance of Earth Hour by hosting a dance party after turning the lights off from 8:30 to 9:30 p.m. to save energy and make a statement on various environmental issues. The World Wide Fund for Nature (WWF) said widespread participation proved anew that no individual action on climate change is too small and that no collective vision is too big with celebrations in over 7,000 hubs in 170 countries. The WWF said …

  • Phl offers Sabah to win Malaysia’s support for UN case vs China
    Phl offers Sabah to win Malaysia’s support for UN case vs China

    The Philippines has offered to downgrade its claim on Sabah in exchange for Malaysia’s support for its case against China before the United Nations. The quid pro quo was contained in a note verbale the Department of Foreign Affairs (DFA) handed to a representative of the Malaysian embassy last week, a week after the visit of Malaysian Defense Minister Dato  Seri Hishammuddin Tun Hussein. The note verbale, a copy of which was obtained by VERA Files, referred to the May 6, 2009 joint submission …

  • Maysak to enter Phl Wednesday
    Maysak to enter Phl Wednesday

    A typhoon with international name Maysak is expected to enter the Philippine area of responsibility (PAR) on Wednesday and bring rains over Northern Luzon by weekend, the state weather bureau said yesterday. Aldczar Aurelio, weather forecaster of the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), said the typhoon was 2,810 kilometers east of Mindanao as of 10 a.m. yesterday. “This typhoon is still too far to affect any part of the country,” the weather …

  • Nonviolent disciplining of kids pushed

    Child rights advocates called on senators to pass and strongly endorse a law that will institutionalize positive and nonviolent methods of disciplining children.The Child Rights Network (CRN), Plan International Philippines (PIP), Philippine Legislators’ Committee on Population and Development (PLPCD), and Lihok Pilipinas Foundation led the call for the enactment of the Positive Discipline Bill.Several Quezon City Council members led by Majority Floor Leader Jesus Manuel Suntay, Victor Ferrer …

  • Method to their madness

    [caption id="attachment_256768" align="alignright" width="212"] Illustration by Rod Cañalita[/caption] EMMANUEL PORTUGAL Country Manager for the Philippines, VMware I look after the garden. I’d like to think that I have a green thumb—no plants have died so far! The ones I like now that I planted a few months ago is the Blue Iris. Like the town in the movie, my Blue Iris shows up in the morning and only appears for one day. …

  • JGFP Summer Tour on today

    The summer tour for local junior golfers kicks off with the holding of the ICTSI-JGFP Baguio Junior Open today and tomorrow at the treacherous Baguio Country Club course in Baguio.Sixty players aged 6 to 17 years old are entered in the 36-hole tourney serving as the opening leg of the summer circuit organized by the Junior Golf Foundation of the Philippines with the International Container Terminal Services, Inc. Foundation as main sponsor. ... …

  • PH now market ready to absorb infra bonds

    The Philippine market is now ready to absorb infrastructure bonds that will be issued by private companies amid a growing pipeline of infra-related projects under the government’s Public-Private Partnership (PPP) program. President Benigno Aquino III last week said the government is still committed to spend more on the country’s infrastructure, with 16 PPP projects currently on the pipeline and nine that have already been awarded. Over the years, some of the country’s biggest infrastructure …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options