(Reuters) – Asian values fell for the bear market years land and property, and loss of the euro offensive guard Thursday due to fears that the European debt crisis is further exacerbated investors to dump risky assets and to seek refuge in the dollar.
Somber mood was not improved by a survey of the private sector, indicating the production of a factory in China to fall further in December, adding that the crisis facing the world economy faces a slow-growing U.S. Euro falls back into recession.
“We are very pessimistic about the world right now,” said Damien Boey, equity strategist at Credit Suisse in Sydney. “You look essentially three major economies of the world, causing problems.”
European stocks are expected to attend a shaky start, with financial bookmakers calling important clues to open flat or slightly higher, while the S & P 500 fell 0.4 percent, indicating a lower start-up Wall Street.
Market believes that the European Union summit last week failed to produce a solution to the crisis was reinforced when Italy was forced to pay eye-watering 6.47 per cent 5-year bonds on Wednesday, forcost of a loan registry changes in the era of the euro.
Nikkei in Japan fell 1.7 percent and the MSCI index of Asian stocks outside Japan fell overall by 2.1 percent due to losses of about 1 percent on Wall Street and strong sales outside Europe Wednesday .
MSCI Asia ex-Japan is down 20 percent in 2011 – the rule of thumb definition of a bear market – while the Nikkei has lost 18 percent.Both were below global equities, which lost about 12.5 percent and U.S. stocks, which are down about 3.5 percent.
Europe remains the biggest investors are concerned “, with markets still preparing Fitch downgrades sovereign in the euro area.
“Markets are frustrated and disappointed, pending a roadmap for resolving the debt crisis of two years,” said Ong Yi Ling, an analyst at Phillip future investments in Singapore. “Assets at risk include all of the debt crisis to be with us for at least the first half of 2012 ..”
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Hong Kong and Shanghai benchmarks were among the biggest losers in Asia after the launch of HSBC China PMI Flash, the last part of the data to show the second largest economy is slowing.
The market reaction was muted extended, but the consensus of enhanced surveillance that Chinese producers are facing a decline in global demand and tighter credit conditions.
“Reducing the risk was a problem with investors looking to reduce losses and prior to a 2012 judicial year,” said Larry Jiang, chief strategy officer of Guotai Junan Securities in Hong Kong International Investment.
Falling stock markets Wednesday in the West have been overwhelmed by the carnage on the commodity markets, where oil, gold and copper contributed 4-5 percent.
The gold was beaten in the last days to liquidate their holdings of fund managers, or to cover losses elsewhere or to profit from an asset that is more than 10 percent for the year.
“Some are macro hedge fund liquidation of assets in gold and took profits in a difficult year,” said James Steel, chief analyst at HSBC technique.
Precious metals fell further Thursday, has lost 0.5 percent to about $ 1,566 an ounce, while crude oil the United States rose to 95.20 dollars a barrel and Brent found more than 70 cents about $ 105.80 value.
The euro fell as low as $ 1.2944, its lowest level since January 11 and then remained constant at around $ 1.2985.
The rating agency Fitch downgraded five major financial groups in Europe, including France, Credit Agricole to a surplus of AA-negative, said the euro-negative sentiment already.
This is in addition to the possibility of further reductions of its rival Standard & Poor’s, which warned earlier this month may cut ratings on 15 of the 17 euro zone members.
“I can see the U.S. dollar has maintained an upward trend, while the euro is on the brink,” said Joseph Capurso, a strategist at Commonwealth Bank of Australia.
(Additional Reporting by Miranda Maxwell in Melbourne Tan, Clement, Hong Kong, Jane Lee in Kuala Lumpur and Frank Tang in New York, edited by Richard Borsuk)
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