Barefoot Investor: Asian Stocks Drop for Second Week on Economy, Europe Debt Crisis Concerns

Asian stocks fell as a a sign for China and Japan grow is slowing down due to concern that Europe’s debt crisis is worsening.

The MSCI Asia Pacific Index fell 2.3 percent to 112.45 this week after Moody’s Investors Service and Fitch Ratings warned that Europe faces lower credit ratings as it struggles to contain its debt crisis. Italy sold 3 billion euros of five-year notes on Dec. 14 with a yield of 6.47, the most since May 1997.

The Shanghai Composite Index (SHCOMP) sank 3.9 percent, extending losses for a sixth week.

Japan’s Nikkei 225 Stock Average (NKY) decreased 1.6 percent this week after the Bank of Japan’s Tankan survey showed sentiment among the nation’s largest manufacturers deteriorated more than economists expected. South Korea’s Kospi Index dropped 1.9 percent. Australia’s S&P/ASX 200 slid 1 percent. (Bloomberg)

1 comments

Structuredsettlement said... @ March 9, 2012 at 1:41 PM

BANGKOK: Asian stock markets climbed Friday as China's inflation eased and Greece moved closer to inking a deal with private creditors to restructure its debt and avoid a massive default.

Benchmark oil stayed above $106 per barrel while the dollar was higher against the yen and steady against the euro. structured settlement cash

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