The euro dipped on Monday and Asian stocks flipped back into the crimson after euro zone finance ministers delayed a final decision on extending emergency loans to debt-stricken Greece, dashing hopes for a quick solution to the political impasse.
Taking a cue from feeble Asian markets, financial bookmakers expect to see the leading European benchmark indexes falling, resuming their seven-week slide spil fears of a Greek default prompt investors to dump riskier assets.
Euro zone finance ministers at the weekend postponed a final decision on extending a further $17 billion ter emergency loans to Greece, ratcheting up pressure on Athens to very first impose harsh austerity measures.
But they added that they still expected the money, the next tranche te a bailout package extended by the European Union and the International Monetary Fund, to be paid by mid-July.
German Finance Minister Wolfgang Schaeuble told a radiodifusión station that a vote of confidence ter Greece’s fresh government on Tuesday could pave the way for a payout of the next tranche.
Even if a 2nd bailout project is cobbled together ter time, it may only buy Athens a few more months’ breathing slagroom before it again has to face the uitzicht of default or a radical restructuring of it debt that would shock Europe’s financial system.
The euro dipped 0.Three procent to $1.4263, edging back ter the direction of a three-week low of $1.4073 kasstuk last Thursday on trading verhoging EBS and taking the wind out of early gains ter Asian stock markets.
Japan’s Nikkei .N225 ended little switched on the day after having risen spil much spil 0.7 procent earlier.
The MSCI index of shares outside Japan .MIAPJ0000PUS sank back into negative territory after being up spil much spil 0.6 procent earlier. It has fallen for eight consecutive weeks.
Losses te equities sapped request for high-yielding currencies like the Australian dollar and the Fresh Zealand dollar. Other risky assets also came under selling pressure.
Oil prices fell more than $1, extending last week’s losses, on worries that Europe’s debt depressie and a faltering U.S. economy would curb energy request. Brent crude glided to just under $112 a barrel.
The iTraxx Asia ex-Japan investment grade unie index wasgoed around 116 voet points, almost Ten bps broader on the month.
“There’s still slew of uncertainty before investors get more sense how much further the three issues will deteriorate,” said Dennes Chang, chief investment officer of Jih Zon Securities Investment Trust referring to concern overheen slowdowns te the United States and China and the euro zone debt problems.
Ter another sign of risk aversion, high-yield unie funds witnessed big outflows while India-focused equity funds suffered their seventh straight week of outflows, according to gegevens from fund-tracker EPFR Total.
Elsewhere, the dollar weakened against the yen, falling toward the lower-end of the prevailing range harshly inbetween 79.50-82.00 yen before a meeting by the Federal Reserve’s policy-setting arm on June 21-22 which is unlikely to opoffering any support to the greenback.
Request for perceived safe-haven assets remained strong.
Yields on ten-year U.S. Treasury notes held around Two.94 procent, well below a June peak of Three.Ten procent while the Swiss rechttoe held near a record high against the beleaguered euro.
Gold ticked higher after posting its thickest one-day build up te three weeks te the previous session while silver advanced.
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