General Financial News
Pacific stock index futures drop as contagion fears spread
Nov 22, 2010 04:56 PM
Stock index futures measuring the strength of indexes on the other side of the globe declined late Monday afternoon, as new revelations about the American real estate market and an Irish bailout plan unsettled investors.
The Irish government said that it will accept a bailout package from the United Kingdom, the European Union and the International Monetary Fund of about 80 billion to 90 billion euros. In coverage of the Australian economy, Moody's Investors Service said an Irish bailout wold pose a "credit negative" for the nation, reported Bloomberg.
"The admission by the Irish that they need financial aid is not unexpected, and nor is the negative stance taken by ratings agencies," Angus Gluskie, at White Funds Management in Sydney, told the news service. "Attention has now turned to Spain and Portugal and investors may fret about risks for those countries until a satisfactory level of assurance about their financial outlook can be convincingly given."
In Australia, S&P/ASX 200 index futures slid 0.6 percent to 4,638. Singapore's SPI 200 index futures declined 26 points to 4,639, while in Hong Kong Hang Seng index futures dropped 73 points to 23,575.
S&P 500 index futures lost 1 point to 1,196.90.
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