Most Asian markets lower as Greece issue lingers
City Index May 14, 2012 12:16 PM
<p> Asian stocks fell as expected with the MSCI Asia Pacific Index down 0.2% in early afternoon Tokyo trading. Commodities again weighed on the market. […]</p>
Asian stocks fell as expected with the MSCI Asia Pacific Index down 0.2% in early afternoon Tokyo trading. Commodities again weighed on the market.
The Australian dollar fell slightly below parity against the US dollar before recovering. It touched 99.96 US cents before recovering back above parity. It was last trading at 100.149 US cents.
Gold was flat at US$1580/oz while silver settled at around US$28.73/oz.
The Euro also continues to struggle, last trading near its morning levels of 128.893 US cents. German Chancellor Angela Merkel’s party lost a state election while concerns grow around Greece, subject to deep political forces, would exit the single European currency.
In regional corporate news, Japan’s biggest appliance maker Panasonic fell to its lowest level in 34 years in Tokyo trading following lower than expected full year earnings. The numbers lagged behind analyst estimates amid a slump in television demand.
Panasonic expects net income of 50 billion yen in the year ending March 31, sending shares down by almost 5% in early morning Tokyo trading.
n Australia, shares in listed uranium producers Paladin Energy continued to decline after a reported dispute with mine workers in Malawi. Paladin has refused to award workers a 66% pay increase following a decline in the local currency. Paladin shares continue to decline as do those of most other mid-tier miners on the Australian market.