|
| | GEO Business | | Asian stocks mostly down on European debt woes | Updated at: 0905 PST, Monday, February 08, 2010
HONG KONG: Concerns over Europe's debts woes continued to weigh on most Asian markets Monday while weaker-than-expected US jobs data also led to fears over the pace of recovery in the world's biggest economy.
The euro was off last week's eight-month lows in Asian trade but was still being sold in favour of the dollar as the European fiscal problems continue to burden dealers.
Fears have grown that debt-ridden countries such as Greece, Spain and Portugal may be unable to restore stability to their public finances, having spent heavily to combat recession during the global meltdown.
"The market's biggest concern is the European fiscal situation, and this problem won't be solved any time soon," Nikko Cordial senior strategist Tsuyoshi Kawata told Dow Jones Newswires.
The euro stood at 1.3647 dollars in Tokyo morning trade, after sliding to as low as 1.3586 in New York late on Friday.
The euro dropped to 121.91 yen from 122.01. The dollar climbed to 89.35 yen from 89.20.
Tokyo fell 0.49 percent to 10,007.98 by the lunch break after slipping below the key 10,000 level for a brief period.
However Toyota, which is reeling from a series of safety issues rose 0.45 percent to 3,330 yen, having plunged from above 4,000 yen in just a few weeks due to a series safety issues.
Reports said Sunday the world's biggest car maker will recall 300,000 Prius hybrid vehicles because of brake flaws, just over a week after it called back almost eight million other cars over problems with the accelerator. |  |
|
|
| |
