Friday 29 Mar 2024
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SYDNEY (Feb 10): Asian stocks fell for a fourth day, tracking declines in U.S. markets, as Greece’s rejection of the country’s bailout program spurred concern about euro-area stability.

The MSCI Asia Pacific Index slipped 0.2 percent to 141 as of 9:03 a.m. in Tokyo, before markets opened in China and Hong Kong. The gauge climbed 2.4 percent this year through yesterday. Greek officials are seeking short-term financing to head off a funding crisis, with German Chancellor Angela Merkel signaling little willingness to compromise over debt conditions.

“Caution here is warranted,” said Matthew Sherwood, Sydney-based head of investment markets research at Perpetual Ltd., which manages about $21 billion. “The situation in Greece resurfaced and prompted investors to take some profits after a strong run in markets in recent weeks.”

Greek Prime Minister Alexis Tsipras vowed to negotiate an end to the austerity program before talks with creditors, as European leaders urged him to pare back his ambitions.

Greece will seek about 10 billion euros ($11.3 billion) in short-term financing to buy time to push its creditors to ease austerity demands, according to a government official who asked not to be named as the negotiations are confidential. Euro-area finance ministers are set to hold an emergency meeting Wednesday in Brussels.

Australia’s S&P/ASX 200 Index retreated 0.6 percent. Japan’s Topix index was little changed as the yen traded at 118.64 per dollar, after strengthening 0.4 percent yesterday. South Korea’s Kospi index added 0.2 percent and New Zealand’s NZX 50 Index rose 0.1 percent.

China CPI

Futures on the Standard & Poor’s 500 Index advanced 0.1 percent after the underlying gauge slipped 0.4 percent yesterday, led by health-care and utility companies.

Futures on Hong Kong’s Hang Seng Index slid 0.1 percent in most recent trading, while contracts on the Hang Seng China Enterprises Index of mainland firms lost 0.2 percent. Consumer prices in China rose 1 percent in January from a year earlier, according to a Bloomberg survey of economists before a report due today. That would be the slowest pace in more than five years.

Nissan Motor Co. climbed 2.7 percent in Tokyo after the carmaker raised its profit forecast as the weaker yen and growth in U.S. deliveries boosted export earnings, countering a slowdown in Japan.

 

 

 

 

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