Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: VAT RATES :: list of goods taxed at 4% :: VAT Audit
 
 
« Markets »
 Why we must tweak the market-led model
 PE transactions prompt income tax queries over round tripping concerns
 Amended India-Mauritius tax treaty only covers investments in shares
 Government drops cap gains tax on startup shares held for 2 years
 Tax-free bonds regain demand in the secondary market
 Relevant Market’ Under Competition Act, 2002
 Indian markets best in terms of earnings momentum, price revision
 How India will become a common market with GST
 Broader markets outperform; Nifty holds 8,500
 Have Indian markets run ahead of fundamentals?
 Sebi mulls allowing foreign VCs in infra investment firms

Asian markets down amid ECB loan scepticism
December, 22nd 2011

Asian markets slipped on Thursday as traders questioned whether a European Central Bank move to pump cheap cash into banks would be enough to unclog credit markets and ease the region's debt crisis.

Following its announcement that it would provide three-year loans at rates as low as one percent, a total of 523 banks snapped up a record 489.2 billion euros ($641 billion).

However, some market-watchers said the fact that so many institutions jumped in so quickly highlighted the precarious state that they were in.

Tokyo was 0.62 lower by the break, Hong Kong fell 0.60 percent, Sydney shed 0.99 percent, Seoul was 0.27 percent off and Shanghai dropped 1.08 percent.

The ECB move -- along with strong US data, a successful Spanish bond auction and an upbeat German confidence indicator -- helped boost Asian markets and the euro on Wednesday but doubts soon returned Thursday.

Until now, the ECB has lent for a maximum of one year and the new arrangement is part of a series of unprecedented measures to keep credit flowing in Europe at a time when banks are increasingly wary of lending to each other due to the debt crisis.

With pressure, mainly from Germany on the bank not to become lender of last resort for indebted economies, the latest plan was for banks to use the cheap money to ease their own cash flows and also buy up government debt.

"The market appreciates the introduction of the ECB loan facility and recognises this is a positive step," said Angus Gluskie, managing director at White Funds Management in Sydney.

"Nevertheless, there was disappointment that the euro banks haven't immediately pumped the money into sovereign bond purchases."

And Eric Viloria, senior currency Strategist at FOREX.com, said that despite the ECB's lending dealers remained nervous "as it is uncertain how the banks will use the funds".

"Moreover, the operation does not address the underlying structural issues of excessive budget deficits and deteriorating growth in European sovereigns," he told Dow Jones Newswires.

The euro, which jumped as high as $1.3188 in New York on Wednesday, eased in Asia Thursday to $1.3041, while it also fell to 101.74 yen from 101.88 yen.

The dollar was at 78.07 yen, compared with 78.05.

New York's main contract, light sweet crude for delivery in February, added 40 cents to $99.07 a barrel and Brent North Sea crude for February gained 13 cents to $107.84.

Gold was trading at $1,611.55 an ounce at 0200 GMT, against $1,637.97 an ounce late Wednesday.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions