Futures Market News
Debt scourge attacking Spain pulls down Asian currencies, shares
Apr 06, 2012 01:18 PM
Monetary units and shares of Asian nations were suffering under the tumult caused by the soverign debt crisis upon the euro zone's fourth-largest economic system, published reports indicate.
Yields on Spanish 12-year bonds increased to 5.76 percent on Thursday, the highest return since December of last year, Bloomberg indicates. Consequently, the currencies of India, Thailand and China were losing value though trading was lighter than usual due to observance of Good Friday.
"It's hard to see a trend given that most markets are closed," foreign-exchange trader Azmi Shukri Rahman with CIMB Investment Bank in Kuala Lumpur told Bloomberg. "Most people are adjusting their positions ahead of the weekend before the release of U.S. non-farm payrolls data."
Mariano Rajoy, prime minister of Spain, disclosed on Wednesday that the nation he leads is poised to confront extreme financial and economic challenges. Investors, analysts and other observers also are apprehensive about Spain's experience with the sovereign debt crisis given the size of the nation's economy.
Underwhelming U.S. jobs data and Spain's economic shakiness also are impacting the performance of Asian shares on Friday, according to Reuters.
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