Asian Markets Fall on European Debt Concerns

By Staff,

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Asian markets fell Monday as growing concerns over Spain's debt troubles unnerved investors who were already cautious after the disappointing GDP reading from China.

Data released on Friday showed Spanish banks borrowed a record 227.6 billion euros in emergency loans from the European Central Bank in March. The yield on Spanish 10-year bonds jumped to 5.956% on Friday, dangerously close to the psychologically significant level of 6%.

The Yuan fell by the most in a week against the dollar as China's central bank doubled the daily trading band. The yuan fell 0.19% to close at 6.3150 per dollar in Shanghai, the biggest decline since April 5, according to the China Foreign Exchange Trade System.

In company news, Dexus Property Group (DXS), Australia's biggest owner and manager of office properties, climbed 0.6% after announcing that it will sell 65 of its U.S. properties to Blackstone Group LP ( BX ) for $770 million. Concerns over the European economies hit Nintendo Co., a company who gets half of its sales from the region. Shares fell 2.9%


*Nikkei 225 Index closed at 9,470.64, down 1.74%.

*Hang Seng Index closed at 20,611.00, down 0.44%.

*Standard & Poor's ASX 200 Index closed at 4,302.34, down 0.49%.

*Shanghai Composite closed at 2,469.00, up 0.09%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: BX

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