Asia Stocks, Euro Drop as Treasury 10Y Yield Falls
Asian stocks fell, Treasury 10-year yields sank to a record, the euro weakened for a sixth day and oil slumped on speculation Europe’s debt crisis is worsening. The MSCI Asia Pacific Index lost 0.8 percent as of 9:24 a.m. in Tokyo, set for a third day of declines. Standard & Poor’s 500 Index futures sank 2.6 percent, while Treasury 10-year yields reached a low of 1.92 percent. U.S. markets were closed for a holiday yesterday. The euro slid 0.2 percent to $1.4072 and fell to 108.24 yen. Crude dropped 3.2 percent in New York, while wheat, corn and soybeans all retreated by more than 1 percent. Financial shares led losses in Asia, following a slump in bank stocks in Europe yesterday as the cost of bank default insurance surged to records. Finance ministers from Germany, Finland and the Netherlands will meet today to discuss a Finnish demand for collateral in a bailout for Greece, while the Italian Senate will debate the nation’s austerity plan amid a strike called by the nation’s biggest union.
GLOBAL MARKETS-Asian shares fall amid euro zone, banking worries
SINGAPORE, Sept 6 (Reuters) - Asian shares fell and the euro slipped on Tuesday amid fears that Europe's sovereign debt troubles are worsening and could trigger a second full-blown banking crisis.
European stocks tumbled 4 percent on Monday, with financial shares falling to their lowest in more than 2 years. Wall Street was closed on Monday for a holiday, but S&P 500 futures were down 2.4 percent on Tuesday.
Stocks, Italian bonds drop on Europe debt concern
Stocks fell, Italian bonds dropped for an 11th day and the cost of government and bank default insurance rose to records on concern Europe’s debt crisis will worsen. The euro weakened, while the dollar and gold gained. The MSCI All-Country World Index sank 2%. Banks led the Stoxx Europe 600 Index down 4.1% while Italy’s 10-year bond yield rose 27 basis points. The DAX Index fell 5.3%. The German bund yield fell to a record low of 1.84% while rates on two-year Greek debt exceeded 50% for the first time. German Chancellor Angela Merkel’s party lost weekend elections in her home state, stoking concern opposition is growing to bailouts for debt-saddled European nations. US markets were closed for the Labour Day celebrations. (Bloomberg)
Brent crude rises $1 to $111.08
SINGAPORE, Sep 6 (Reuters) - Brent crude futures rose over $1 a barrel on Tuesday, rebounding from sharp falls a day earlier.
Brent crude for October was up $1.01 to $111.09 by 0155 GMT, after settling $2.25 lower at $110.08 on Monday.
Japan govt to up emergency gasoline reserves - Nikkei
Sept 6 (Reuters) - Japan's government will boost its emergency gasoline reserves to speed up distribution after disasters, business daily Nikkei reported.
The stockpile is meant to buffer disruptions in oil imports resulting from problems like the turmoil in the Middle East.
Euro Coal-Prices dip 50 cts, more S.Africa bids seen
LONDON, Sept 5 (Reuters) - European prompt physical coal prices fell slightly by around 50 U.S. cents a tonne on Monday despite continued buying by one major utility and more activity in FOB Richards Bay trade.
"It's very slightly softer today, a matter of cents but the market's steady and could creep up a bit higher to the top of the range, maybe to $130 a tonne," one bank trader said.
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