HONG KONG: Asian stocks bounced on Thursday after tentative steps by euro zone policymakers to tackle a crippling debt crisis, but investors remained wary that obstacles the bloc's leaders face could weigh on the euro and Asian currencies in the medium term.
With the euro trading near 4-year lows recently amid warnings from European leaders that their $1 trillion loan backstop for troubled governments would not be enough to defuse the continent's crisis, it may spell trouble for Indian exporters to Europe.
Last week stocks soared after European officials hammered out a deal, but now investors are wondering whether the plan can be a long-term solution to sovereign debt crisis.
Exports to Europe could witness a slump of close to 10 percent and even the government's overall export target of $ 200 billion for this fiscal could be at stake if Euro Zone sovereign crisis is not prevented from spreading to larger part of European Union, according to a new study carried out by an industry body.
China stocks are stuck in a narrow range for now, pulled up by prospects of credit easing in China and down by an unending flow of bad news about Europe's debt crisis.
The market is shrugging off the surprising Apple (AAPL) earnings miss with futures set for a flat open. Media reports regarding efforts to solve a Euro zone debt crisis continue to be conflicted, leaving the market a bit indecisive this morning.
A potential resolution to the debt crisis in the eurozone helped to push shares of banks and credit card companies higher today. Optimism surrounding the situation and revised outlooks on Q3 expectations factored into gains in the sector.
Sales projections for October did little to boost shares of automakers. Concern of the euro debt crisis and questions over the strength could be maintained weighed on the companies.
The lingering sovereign crisis in eurozone is hampering the business growth of Indian SME exporters and making them apprehensive about their profitability.
The Hong Kong market rose sharply due to gains in Hong Kong-listed ADRs in the U.S. on Friday and to optimism Europe would solve its debt crisis at a regional summit on Wednesday.
A resolution to the euro crisis has yet to be reached and the I.M.F. and Germany both seem to be denying massive financial involvement in potential bailouts. What companies have the highest exposure to a collapse?
European Union finance ministers have agreed on a bailout package of nearly USD 1 trillion (750 billion euro) for Greece, as part of their concentrated efforts to prevent the debt crisis contagion from spreading to other nations.
India has cleared on Friday that it will keep unwinding economic stimulus deployed during the financial crisis and continue raising interest rates despite uncertainty linked to euro zone's debt woes.
Six of the world's largest central banks took collective action today to make dollars available at cheaper rates in an effort to shore up the European debt crisis.
The latest manufacturing data fell short of expectations and negatively impacted shares of industrial metals miners. Ongoing worry over the Greek banking crisis also struck the sector.
All eyes are on Europe once again to produce a plan that adequately addresses its longer-term bank and sovereign debt problems. There market has no room for failure at this point.
Factors from the strong recent earnings report to the potential resolution of the protracted Greek crisis helped shares of major oil and gas companies to push higher today. Midcap options were largely ignored as mammoth mergers threaten to impact their strategies.