World stocks down despite deal to end Greek crisis (AP)
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World stocks rise as China moves to boost economy (AP)
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World stocks rise on hopes for Greece, US economy (AP)
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World stock markets decline amid Greece fears (AP)
BEIJING – World stocks fell Thursday amid growing fears the latest deal to resolve Greece’s debt crisis is faltering.
Oil hovered below $102 a barrel in Asia amid conflicting reports about whether Iran is cutting crude exports to Europe.
Tokyo’s benchmark Nikkei 225 index shed 0.2 percent to 9,238.10 and Hong Kong’s Hang Seng was off 0.4 percent at 21,277.2. Seoul’s Kospi fell 1.4 percent to 1,997.45. New Zealand’s benchmark shed 0.1 percent.
In Europe, France’s CAC-40 declined 0.7 percent to 3,367.01 and Germany’s DAX was off 1.2 percent at 6,677.33.
U.S. markets looked headed for declines after Dow Jones industrial average futures shed 0.3 percent and futures for the Standard & Poor’s 500 futures were off 0.5 percent.
Global markets rose briefly Wednesday on news China would keep investing in Europe and Greece would fulfill obligations imposed by its creditors. But those hopes waned after a European official warned Greece’s assurances might be inadequate, possibly jeopardizing the latest infusion of money from its European partners.
Asian investors were put off by the lack of a clear outcome over Greece.
“The uncertainty upset the market, especially last night in New York,” said Francis Lun, managing director of Lyncean Securities in Hong Kong. “I think people are resigned to the fact that Greece really is a lost cause. It doesn’t make sense to throw good money after bad.”
China’s Shanghai Composite Index lost 0.4 percent to 2,356.86. Taipei’s Taiex ended down 1.7 percent at 7,869.70 and Sydney’s S&P ASX 200 shed 1.7 percent to 4,181.90. Singapore’s benchmark declined 0.8 percent to 2,987.00.
Asian traders have been disappointed by Beijing’s failure to take more aggressive steps to boost slowing growth by easing credit and investment curbs imposed earlier to fight inflation and surging housing costs, Lun said.
“Of course the play is now for the Chinese government to increase liquidity and relax controls on the property market. But that hasn’t happened,” Lun said.
China’s central bank governor on Wednesday expressed confidence in Europe, his country’s biggest trading partner, and said Beijing will keep buying European government debt.
Chinese leaders have repeatedly expressed sympathy and support for Europe but have made no financial commitments. European leaders are hoping Beijing will contribute to a bailout fund from its $3.2 trillion in foreign reserves.
Greece’s creditors want Athens to make up a euro325 million ($425 million) funding gap and present written guarantees the governing coalition’s party leaders will carry out the plan if they come to power. European governments worry that after elections expected in April, Greek politicians might renege on austerity measures due to public opposition.
Some analysts have called for an “orderly default,” letting Greece eliminate most or all of its debts, others have warned repercussions could be severe, damaging confidence in other European governments.
On currency markets, the dollar fell to 78.716 yen while the euro declined to $1.299.
Benchmark crude was down 29 cents at $101.51 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.06 to settle at $101.80 per barrel in New York on Wednesday.
Brent crude was down 36 cents to $118.57 per barrel in London.
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World stock markets rise as Japan exporters surge (AP)
BANGKOK – World stock markets rose Wednesday after Greece indicated a willingness to commit to spending cuts to secure its bailout and moves by Japan’s central bank to support the economy lifted its powerhouse export sector.
Benchmark oil rose above $101 per barrel while the dollar fell against the euro and was steady against the yen.
European shares rose in early trading. Britain’s FTSE 100 gained 0.2 percent to 5,912.27 and Germany’s DAX added 1.1 percent to 6,799.65. France’s CAC-40 gained 0.7 percent to 3,399.91.
Wall Street was set to head higher, with Dow Jones industrial futures rising 0.4 percent to 23,893 and S&P 500 futures adding 0.4 percent to 1,353.30.
The gains followed strong advances in Asia. The Nikkei 225 index in Tokyo soared 2.3 percent to close at 9,260.34, its highest close since Aug. 5. The surge comes a day after the Bank of Japan announced a further loosening of monetary policy through increased purchases of government bonds, raising hopes the yen’s strength could abate.
South Korea’s Kospi gained 1.1 percent to 2,025.32. Hong Kong’s Hang Seng jumped 2.1 percent to 21,365.23, its highest finish since Aug. 4. Australia’s S&P/ASX 200 index closed up 0.3 percent at 4,253.40. Benchmarks in Singapore, Taiwan and Malaysia also rose while Indonesia and New Zealand fell.
Markets found hope in reports quoting Greek government officials as saying party leaders would promise by Wednesday to implement deep spending cuts and other reforms.
That came after talks to extricate Greece from a two-year debt crisis appeared to unravel late Tuesday after European finance chiefs canceled a meeting to discuss a second international bailout for the country.
The meeting was called off after Athens failed to deliver on several demands made by its partners in the euro currency union. Greece needs a $171 billion (euro130 billion) bailout by March 20 to avoid a default that could rattle the world financial system.
The country has already passed some of the deep spending cuts its lenders were demanding but hasn’t really satisfied anyone. Greeks have rioted, saying the cuts are too harsh, and Greece’s neighbors have expressed concern that the cuts are not enough.
Greece also said its economy shrank drastically at the end of last year, and Europe is expected to report Wednesday that the economies of the 17 countries that use the euro shrank 0.4 percent after growing 0.1 percent the quarter before.
Late Monday, Moody’s also downgraded its debt ratings on six European countries, including Italy, Portugal and Spain. Moody’s also said it might cut France, Austria and the U.K. as well.
Japanese exporters rose sharply as the persistently strong yen showing signs of abating on the heels of the central bank’s surprise announcement Tuesday. Mazda Motor Corp. jumped 8.3 percent and Toyota Motor Corp. surged 4.7 percent. Sony Corp. was 5.7 percent higher. Nintendo Co. added 4.5 percent.
But shares of Japanese computer chip maker Elpida Memory Inc. plunged 14.4 percent, after the company said Tuesday that talks were not going well with other companies on investments, loans and partnerships to improve its dire financial conditions.
South Korean technology shares jumped. Samsung Electronics Co. added 5.1 percent while Hynix Semiconductor Inc. gained 5.3 percent.
Mainland Chinese shares advanced with the benchmark Shanghai Composite Index climbing 0.9 percent to 2,366.70, its highest close this year. The Shenzhen Composite Index gained 1.5 percent to 925.99.
A pledge by China’s central bank governor, Zhou Xiaochuan, for China to continue investing in crisis-stricken Europe helped fuel the rally, said Peng Yunliang, an analyst based in Shanghai.
“Trading volume was about 30 percent more than yesterday and investors expect the authorities to boost liquidity,” he added.
Shenzhen-based Dongfang Electronics Co. and Gohigh Data Networks Technology Co. both hit the daily upside limit of 10 percent on expectations that authorities will promote further development of the Internet as a national strategy.
Benchmark oil for March delivery was up 74 cents to $101.48 per barrel on the New York Mercantile Exchange. The contract fell 17 cents to finish at $100.74 per barrel on the Nymex on Tuesday.
In currency trading, the euro strengthened to $1.3158 from $1.3095 late Tuesday in New York. The dollar slipped slightly to 78.43 yen from 78.45 yen.
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World stocks rise after Greece austerity vote (AP)
BANGKOK – World stock markets rose Monday after Greece’s parliament approved a new set of austerity measures that were required by international lenders in exchange for an emergency bailout.
Benchmark crude climbed above $99 per barrel while the dollar fell against the euro but gained against the yen.
European stock markets advanced in early trading. Britain’s FTSE 100 rose 0.8 percent to 5,896.01. Germany’s DAX added 0.6 percent to 6,731.32 and France’s CAC-40 gained 0.7 percent. Wall Street also appeared headed for a higher opening, with Dow Jones industrial futures up 0.5 percent to 12,834 and S&P 500 futures gaining 0.6 percent to 1,348.60.
Earlier in the day, Asian stocks chalked up gains after Greece took a crucial step toward fixing its debt crisis.
Japan’s Nikkei 225 index jumped 0.6 percent to close at 8,999.18. Hong Kong’s Hang Seng gained 0.5 percent to 20,887.40 and South Korea’s Kospi added 0.6 percent to 2,005.74.
In mainland China, the benchmark Shanghai Composite Index ended virtually unchanged at 2,351.86 while the Shenzhen Composite Index gained 1 percent to 912.31. Benchmarks in Taiwan, Singapore and Indonesia also rose.
Drastic cuts in civil service jobs, minimum wages and pensions were among the measures approved by lawmakers in Greece in order to collect a second, urgently needed rescue loan for the country.
Without the $170 billion (euro130 billion) financial lifeline, Greece will default on a mountain of national debt next month and likely be pressed into a disruptive exit from the euro common currency.
Investors in Asia greeted the Greek vote with relief. But Greeks, who have been struggling to cope with a 20 percent unemployment rate and five years of recession, took to the streets to protest the measures. Riots and fires continued all weekend.
Attention now shifts to a meeting Wednesday of European finance ministers, who will discuss additional bailout funds for Greece.
Analysts at Credit Agricole CIB in Hong Kong said in an email that the parliament vote “did not come without major cost in the form of escalating protests and violence within Greece.”
“At least for today the market tone will be a positive one as attention shifts to a meeting of EU finance ministers on Wednesday.”
Elsewhere, Chinese property shares plummeted after the city of Wuhu in eastern China, announced it was suspending plans it announced last week to subsidize some home purchases and give tax breaks to help support the local market.
That news, suggesting an easing of curbs on the real estate market, pushed property and related shares higher late last week.
“I think that shows you the central government is keen to make sure restrictions on property remain in place, and there won’t be any easing,” said Andrew Sullivan, principal sales trader at Piper Jaffray in Hong Kong.
Hong Kong-listed Evergrande Real Estate Group Ltd. slid 6.9 percent, while China Resources Land Ltd. lost 5.8 percent. Real estate-related financial and construction materials companies also fell.
State-run newspapers carried prominent coverage Monday of comments by Premier Wen Jiabao reaffirming the central government’s determination to keep curbs on the real estate market to prevent a resurgence of the property speculation that helped drive prices to levels unaffordable for most Chinese families.
Financial shares were boosted by hopes that Greece would avoid a default on its debt, an event that could spark havoc among banks in Europe and beyond.
Benchmark crude for March delivery was up 94 cents at $99.61 in electronic trading on the New York Mercantile Exchange. The contract fell $1.17 to settle at $98.67 on the Nymex on Friday.
In currency trading, the euro jumped to $1.3273 from $1.3170 late Friday in New York. The dollar rose to 77.67 yen from 77.60 yen.
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AP Business Writer Elaine Kurtenbach contributed from Shanghai.
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World stocks lower as Greek debt talks drag on (AP)
LONDON – Stocks were trading lower on Tuesday as talks dragged on in Greece to agree the terms of a second bailout — and avoid looming bankruptcy — despite intense pressure from the country’s euro partners.
With much of Greece coming to a standstill due to a general strike called against impending cutbacks, markets will be monitoring political leaders’ talks in Athens. Heads of the three parties backing the interim government will try to thrash out a deal on new austerity measures needed to get vital bailout cash.
They will confer with Prime Minister Lucas Papademos on new income cuts and job losses, which Greece’s eurozone partners and the International Monetary Fund are demanding to keep the country’s rescue loans flowing. With a general election scheduled to take place within a few months, political leaders are fretting about the impact on their fortunes of signing up to a deal that imposes more hardship on Greece’s population.
“No one in Greece wants to be seen to be tightening the austerity noose even tighter for fear of being punished at the polls,” said Michael Hewson, markets analyst at CMC Markets.
Athens must placate its creditors to clinch a euro130 billion ($170 billion) bailout deal from the eurozone and the IMF and avoid a March default on its bond repayments.
Without an injection of emergency money, Greece will likely default on its bond repayments on March 20 — an event that could shake European banks and other private lenders with Greek debt on their books.
President Nicolas Sarkozy of France and German Chancellor Angela Merkel have warned Greek leaders that they need to push through the austerity measures or risk letting the country go bankrupt.
Even though another round of deadlines have passed, the prevailing mood in the markets is that Greece will get a debt-reduction deal with its private creditors as well as the second bailout.
“It is difficult to say how this will play out in the short term but the most likely outcome remains that some kind of agreement will be stitched together because the alternative is so dark for all parties,” said Gary Jenkins, managing director at Swordfish Research.
In Europe, the FTSE 100 index of leading British shares was down 0.2 percent at 5,878 while Germany’s DAX fell 0.5 percent to 6,731. The CAC-40 in France was 0.3 percent lower at 3,395.
Wall Street was also poised for a subdued opening, with Dow futures and the broader S&P 500 futures broadly unchanged at 12,773 and 1,338.
The euro was little changed against the dollar at $1.3130 while oil prices were a tad lower — the benchmark New York rate was 25 cents down at $96.66 a barrel.
European corporate news was more upbeat, not least the confirmation that mining company Xstrata PLC and commodities dealer Glencore International PLC agreed a $90 billion merger that will create the world’s fourth largest natural resources company. The announcement of the terms of the deal comes just a few days after the revelation that the two companies were in discussions about a long-mooted tie-up.
Xstrata shares were down nearly 2 percent as investors had hoped the premium would be a little higher than the 15.2 percent that’s on offer.
BP PLC shares were flat even after it raised its quarterly dividend by 14 percent after posting double-digit gains in profit and revenue in the last three months of 2011 despite further big payments to compensate for a disastrous oil spill in the Gulf of Mexico.
Steel maker ArcelorMittal SA was faring better after voicing some cautious optimism about its near-term _prospects even after it reported a heavy fourth quarter loss generated by a deteriorating European economy and big tax and restructuring charges.
Earlier in Asia, the mood in the markets was subdued.
In mainland China, the benchmark Shanghai Composite Index fell 1.7 percent to 2,291.90 while the smaller Shenzhen Composite Index lost 1.7 percent to 869.87. Japan’s Nikkei index fell 0.1 percent to 8,917.52 while Hong Kong’s Hang Seng Index dropped the same rate to 20,699.19.
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World stock markets fall ahead of US jobs report (AP)
BANGKOK – World stock markets were mostly lower Friday ahead of a U.S. jobs report that is a key gauge of how robust the world’s No. 1 economy is.
Benchmark oil was nearly unchanged at $96 per barrel while the dollar fell against the euro but rose against the yen.
Major benchmarks slipped early in Europe. Britain’s FTSE 100 shed 0.1 percent to 5,789.78 while Germany’s DAX fell 0.1 percent to 6,647.85. France’s CAC-40 lost 0.2 percent at 3,368.86. Wall Street also headed for a lower opening, with Dow Jones industrial futures losing 0.1 percent to 12,650 and S&P 500 futures down 0.2 percent to 1,320.60.
The losses followed a slump among some major Asian benchmarks earlier in the day. Japan’s Nikkei 225 index fell 0.5 percent to close at 8,831.93. South Korea’s Kospi dropped 0.6 percent to 1,972.34. Australia’s S&P/ASX 200 lost 0.4 percent at 4,251.20. Hong Kong’s Hang Seng was marginally higher at 20,756.98. Benchmarks in Indonesia, New Zealand and the Philippines fell, while Singapore and Taiwan rose.
Mainland Chinese shares extended gains fueled by news of fresh support for the farming and small-business sectors, with the benchmark Shanghai Composite Index rising 0.8 percent to 2,330.41 while the Shenzhen Composite Index added 1.5 percent to 878.29. “The gains mainly stem from recent supportive policies, which will help drive the rally in the short-term, though the room for further gains is limited,” said Zhang Jiuhui, an analyst at Great Wall Securities, based in Beijing.
Poly Real Estate, China’s second-largest listed property developer, climbed 1.1 percent, while industry leader China Vanke gained 1.4 percent. China Life Insurance, China’s biggest insurance company, gained 1.2 percent and Bank of Communications rose 1.8 percent.
Later Friday, the U.S. government releases its report on January job creation and the unemployment rate. In December, the country added 200,000 jobs, and the jobless rate was 8.5 percent.
Some analysts said they are not expecting a strong increase in jobs, based on a report Wednesday from private payroll agency ADP. The report said private-sector employment rose by 170,000 in January from the previous month — fewer jobs than expected.
“The two series continue to track fairly closely and both show what everyone has rightfully fretted about for the past 18 months: there hasn’t been any trend improvement in job growth since mid-2010,” said analysts at DBS Bank Ltd. in Singapore.
Traders were largely refraining from big moves ahead of the employment data in case it turns out to be worse than expected.
“For right now, for major indexes like Dow Jones, the Hang Seng and also Germany’s DAX, they are already at a relatively high level,” said Linus Yip, strategist at First Shanghai Securities in Hong Kong. “For major indexes which shot up to high levels, we need more information for markets to expand the uptrend.”
The results of earnings reports, meanwhile, reverberated across markets. Japan’s Hitachi Ltd. jumped 7.5 percent after the electronics maker maintained its earlier earnings projection for the business year to March 31.
But Singapore Airlines fell 3.6 percent a day after announcing that quarterly profit plunged 53 percent as passenger demand slowed while higher fuel prices sent costs up. South Korean shipbuilder Hyundai Heavy Industries plummeted 7.7 percent after posting a 91 percent plunge in fourth-quarter net profit, Yonhap News agency said.
Elsewhere, Australian miner Lynas Corp. tumbled 10.1 percent amid opposition to its rare earths plant in Malaysia’s central Pahang state that is scheduled to begin operations later this year.
Stocks were largely unchanged on Wall Street on Thursday. The Dow Jones industrial average closed down less than 0.1 percent at 12,705.41. The broader Standard & Poor’s 500 index rose 0.1 percent to 1,325.54. The Nasdaq composite rose 0.4 percent to 2,859.68.
Benchmark oil for March delivery was up 18 cents to $96.54 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell by $1.25 to end at $96.36 per barrel in New York on Thursday.
In currency trading, the euro rose to $1.3148 from $1.3141 late Thursday in New York. The dollar rose to 76.18 yen from 76.16 yen.
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AP researcher Fu Ting contributed from Shanghai.
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World markets rise as investors watch Europe (AP)
BEIJING – World markets rose Tuesday as traders watched for a possible deal to cut Greece’s debts and Japanese factory output rebounded.
Benchmark oil rose above $99 per barrel while the dollar fell against the euro and was unchanged against the yen.
Tokyo’s Nikkei 225 rose 0.1 percent to 8,802.51 after data showed December industrial activity rose 4 percent over the previous month. Hong Kong’s Hang Seng gained 1.1 percent to 20,383.3 and Seoul’s Kospi was up 0.8 percent at 1,955.79.
In Europe, France’s CAC-40 added 0.8 percent to 3,292.38, rebounding from a 1.6 percent loss Monday. Germany’s DAX gained 0.5 percent to 6,473.96, reversing a 1 percent decline a day earlier. Britain’s FTSE 100 rose 0.6 percent to 5,703.94.
Wall Street was also set to open higher, with Dow Jones industrial futures rising 0.4 percent at 12,649 and S&P 500 futures 0.4 percent higher at 1,313.80.
Traders watched Europe following reports Greece and its creditors were close to a deal to cut its debts. Also Monday, European leaders agreed on a new treaty meant to stop overspending and put an end to the region’s crippling debt woes.
“Everyone is watching the European summit and how the Greek debt crisis comes out,” said Jackson Wong at Tanrich Securities in Hong Kong. “The general atmosphere is to play a wait-and-see game.”
China’s benchmark Shanghai Composite Index was up 0.3 percent at 2,292.61 ahead of Wednesday’s release of a key manufacturing index. Investors are hoping for a loosening of credit curbs if it shows activity is slowing amid lackluster global demand.
India’s Sensex gained 1.5 percent to 17,109.30 while Australia’s S&P/ASX 200 fell 0.2 percent to 4,262.70. Benchmarks in Taiwan, Thailand, Indonesia and India rose while Singapore and New Zealand fell.
European markets tumbled Monday on concerns Greece’s financial problems might not be solved even if creditors agree to cancel part of its debt.
Under a tentative agreement, investors holding 206 billion euros ($272 billion) in Greek bonds would exchange them for bonds with half the face value. The replacement bonds would have a longer maturity and pay a lower interest rate. When the bonds mature, Greece would have to pay its bondholders only 103 billion euros.
Wall Street fell in early trading but Asian investors were encouraged after the Dow Jones industrial average recovered most of its losses to close down just 0.1 percent. The Standard & Poor’s 500 lost 0.8 percent.
Borrowing costs for the most indebted European countries shot higher. The two-year interest rate for Portugal’s government debt jumped to 21 percent after trading around 14 percent last week.
Portugal may become the next country “where default is a real possibility,” said Martin Hennecke of Tyche Group in Hong Kong.
“The euro zone crisis is far from being fixed at all. Italy and Spain are effectively bankrupt as well,” Hennecke said. “For Asia, that means there is huge uncertainty in terms of export markets.”
The treaty agreed to Monday by all European Union governments except Britain and the Czech Republic includes strict debt brakes and is aimed at making it harder for violators to escape sanctions. The 17 countries in the eurozone hope the tighter rules will restore confidence in their joint currency.
Benchmark oil for March delivery gained 98 cents to $99.76 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 78 cents to end at $98.78 per barrel on the Nymex on Monday.
In currencies, the euro rose to $1.3207 from $1.3114 late Monday in New York. The dollar held steady at 76.25 yen.
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World stocks fall ahead of EU summit (AP)
BANGKOK – World stock markets fell Monday, with uncertainty about a tentative deal to resolve Greece’s debt crisis weighing on investor sentiment ahead of a summit of European leaders.
Benchmark oil slipped to near $99 per barrel while the dollar rose against the euro but fell against the yen.
Stock markets opened lower in Europe, where leaders gathering in Brussels for a summit on taming the continent’s financial crisis were met by a nationwide strike that hobbled trains and other public transportation.
Britain’s FTSE 100 fell 0.5 percent to 5,707.50 and Germany’s DAX lost 0.6 percent to 6,470.18. France’s CAC-40 shed 0.6 percent to 3,298.07. Wall Street was also headed for a lower open, with Dow Jones industrial futures falling 0.4 percent to 12,559 and S&P 500 futures down 0.5 percent to 1,305.50.
Losses began earlier in Asia, with the investment mood dampened by Friday’s release of data showing the U.S. economy grew more slowly than expected in the last three months of 2011. The economy grew at an annual rate of 2.8 percent in the October-December quarter, lower than the 3 percent that economists were expecting.
Japan’s Nikkei 225 index shed 0.5 percent to close at 8,793.05. South Korea’s Kospi was 1.2 percent lower at 1,940.55 and Hong Kong’s Hang Seng dropped 1.7 percent to 20,160.41. Australia’s S&P/ASX 200 lost 0.4 percent at 4,272.70.
Benchmarks in mainland China, Singapore, Indonesia, India and the Philippines also fell. Taiwan and New Zealand rose.
European leaders were to meet later Monday in Brussels to discuss austerity and belt-tightening measures as well as a tentative deal reached Saturday between Greece and its private investors that could avert a disastrous Greek default on its debt.
If the deal holds and works, it will help prevent a potential shock to the world banking system. But it doesn’t resolve the weakening economic conditions in Greece and other European nations as they rein in spending to get their debts under control.
Stan Shamu of IG Markets in Melbourne said that “the Greece debt issues will remain a source of uncertainty and might dampen the risk mood ahead of the EU summit today.”
Under the agreement, investors holding 206 billion euros ($272 billion) in Greek bonds would exchange them for bonds with half the face value. The replacement bonds would have a longer maturity and pay a lower interest rate.
The deal would reduce Greece’s annual interest expense from about 10 billion euros to about 4 billion euros. When the bonds mature, Greece would have to pay its bondholders only 103 billion euro.
Some analysts said stocks were taking a breather after post-New Year rallies in several markets that were spurred by signs of improvement in the U.S. economy and Europe’s debt crisis stabilizing. Hong Kong’s Hang Seng, for example, is up more than 11 percent since the beginning of the year. Australia’s S&P/ASX 200 is 5.7 percent higher.
“Probably it’s a case of the market getting a little bit tired. We’ve had quite a significant rally now, and that’s been based on some news that was mildly encouraging out of Europe,” said Ric Spooner, chief market analyst at CMC Markets in Sydney.
“But we may have arrived at a level where the market will need a bit further concrete evidence and news to continue the rally,” Spooner said.
Shares of CNK International, a South Korean mineral development company, plunged 14.9 percent after company executives were implicated in a stock manipulation scheme, Yonhap News agency said.
Japan’s Mitsubishi Electric Corp. plummeted 14.8 percent after the Defense Ministry and the Cabinet Satellite Intelligence Center said they would not sign contracts with the electric machinery manufacturer, which acknowledged it had overcharged on defense and space-related projects, Kyodo News agency reported.
Traders are awaiting more data this week for clues about which way the U.S. economy is headed. On Wednesday, the Institute for Supply Management will release its manufacturing index for January. The Labor Department will release monthly employment data Friday.
“Because the market has been expecting rather good economic data from the U.S. … I am afraid if those figures disappoint the market, it may trigger further correction in the stock market,” said Louis Wong, dealing director of Phillip Securities Ltd.
Benchmark oil for March delivery was down 49 cents to $99.07 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 14 cents to end at $99.56 per barrel on the Nymex on Friday.
In currencies, the euro fell to $1.3145 from $1.3208 late Friday in New York. The dollar fell to 76.67 yen from 76.72 yen.
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