The euro weakened to an almost nine-year low and Asian stocks fell amid concern Greece will exit the European currency union. Oil slumped to its lowest level since 2009, while silver climbed. The euro depreciated 0.5 percent to $1.1949 at 12:45 p.m. in Tokyo, after touching its weakest level since March 2006. The dollar gained against 14 of its 16 major peers. The MSCI Asia Pacific Index (MXAP) declined 0.6 percent and Standard & Poor’s 500 Index futures slid 0.1 percent. The yield on Japan five-year bonds fell to a record. Crude retreated 2 percent and silver jumped 1.6 percent. Greece’s political parties have embarked on a campaign for elections this month that may determine the fate of the country’s membership in the euro currency area, with Der Spiegel magazine reporting German Chancellor Angela Merkel is ready to accept a Greek exit. Data this week will probably show consumer prices in Europe fell for the first time in five years in December, adding to the argument for European Central Bank president Mario Draghi to extend stimulus.
Posted on: Mon, 05 Jan 2015 04:13:38 +0000
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