Euro continues to weaken; mixed leads may spell flat open for Asian stocks
City Index January 6, 2012 3:30 AM
<p>Asian markets may have another flat open today on the back of mixed leads overnight. The S&P500 was 0.3% higher at its close on better […]</p>
Asian markets may have another flat open today on the back of mixed leads overnight.
The S&P500 was 0.3% higher at its close on better than expected jobs data but the official numbers are out tonight Asian time, so the jury is still out on what the final print for new jobs created will be.
Reporting season in the US is also expected to officially kick off on January 9th as Alcoa goes to market with its numbers.
Despite the mildly positive news in the US overnight, European stocks continued to decline, dragged down by financial institutions on recapitalisation plans.
The Euro continued its freefall, last trading at around 1.2780 against the US dollar. The Australian dollar meanwhile continues to trade near a record high against the Euro, last slightly above 0.80 after falling slightly below that level during yesterday’s afternoon Asian trading session.
In regional corporate news, Japan Airlines is set to return to the market after a period of bankruptcy protection. News services report the group is planning an initial public offering that could make it the world’s most valuable carrier as the value of regional competitors, including Australia’s Qantas, have declined significantly over the past six months.
Reports suggest Japan Airlines could seek to raise as much as 1 trillion yen of stock as early as September, enough to see it surpass Air China as the world’s largest airline by market value.
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