Agile Financial Tokyo Reviews: Commodities Dive in Asia
Posted in the Dallas Forum
Since: Mar 13
#1 Mar 19, 2013
Stocks, commodities dive in Asia in wake of Cyprus bail-out deal
TOKYO ó Stocks and commodities fell sharply in Asia on Monday as investors were rattled by a radical bail-out plan for Cyprus and piled into safer assets including the dollar, gold and sovereign debt.
European markets are also expected to fall, with financial spread betters predicting Londonís FTSE 100, Parisís CAC 40 and Frankfurtís DAX to open as much as 2% weaker. A 1.4% slide in US stock futures suggested a lower Wall Street start as well.
"There will certainly be confusion in Cyprus and investors looking just at headlines may fret about its case becoming a model," Credit Agricoleís director of foreign exchange in Tokyo, Yuji Saito, said.
"I doubt that the case in Cyprus will trigger contagion risks across the eurozone, as the size of the country is too small and its industrial structure is very different from other eurozone members, in that Cyprus is dependent on just tourism and the financials sector."
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