Wednesday, May 9, 2012

Asian markets concerns about Greece and Spain finances

Asian markets concerns about Greece and Spain finances, asian stock market may 10 2012, Asian markets were mixed Thursday, with fresh concerns about Greece and Spain's finances, while Japanese carmaker Toyota rose after the release of a healthy profit guidance.

The Nikkei was down 0.5%, falling below 9000 for the first time since February. Korea's KOSPI was 0.5% lower. Australia's S&P ASX 200 recovered slightly, rising 0.3% in early trading.

The Dow Jones Industrial Average dropped by 0.8%, its sixth consecutive decline. By the end of the trading day in New York, the euro was at $1.2930, a 0.6% loss, and the single currency's lowest level since January, while the yen strengthened 0.3% against the dollar to 79.6342. The price of oil dropped again, down 0.2% to $96.81.

In addition to the ongoing coalition talks Greece, investors were concerned that the Mediterranean country may not receive its next installment of bailout money. Reassurance came late in the New York trading day when euro-zone governments announced they would still provide Greece with EUR4.2 billion in financing. They did, however, hold back a further EUR1 billion that will be handed over in June depending on Greece's funding needs. Meanwhile, Spain's 10-year borrowing rate rose above 6% for the first time this year.

Continuing the trend of Japanese companies offering healthy forecasts, Toyota Motor rose 1.8% after it released operating profit guidance of Y1 trillion ($12.6 billion) for the fiscal year ending March. The numbers met market expectations, and analysts point out that the carmaker tends to set conservative targets.

Stocks of DeNa and Gree, two Japanese social networking companies, rose by 7.5% and 6.3% respectively after they announced that they will abandon a practice that encourages players to purchase virtual items for use in online games. An investigation into the practice, known as "complete gacha," by the Consumer Affairs Agency triggered a sell-off in the stock of both companies earlier this week. Over the last three sessions, DeNa lost 22%, while Gree plunged 31%.

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