Stocks markets in Asia were lower on Tuesday as Greek debt talks dragged on as talks to help Greece from defaulting dragged between divisions on how to cut the debt of the country further and imposed even more strict controls over its expenditures.
The Nikkei 225 index of Japan dropped, as it settled at a value of 9,478.05. On the other hand, Hang Seng index of Hong Kong dropped by 0.3 percent, to settle at a value of 21,375.06. Moreover, Kospi of South Korea dropped by 0.6 percent, to settle at a value of 2,012.72. Moreover, other benchmark indexes in Philippines, Taiwan and Singapore were all lower. Australia’s S&P / ASX 200 however increased by 0.4 percent, to settle at a value of 4,275, while key indexes in New Zealand and mainland China increased as well.
Furthermore, names of the companies whose shares dropped included Panasonic Corp, which lost 1.2 percent, and Sharp Corp, which lost 1.1 percent. Moreover, Nintendo Co’s shares also dropped by 1 percent.
Benchmark oil also reacted to the Greek debt talk, as March’s delivery benchmark oil increased by $1.51, to settle at a value of $105.11 per barrel at the New York Mercantile Exchange during electronic trading, while in currencies, the euro increased, settling at a value of $1.3209, from a previous $1.3159 late on Friday in New York. The dollar appreciated, reaching a value of 79.69 yen from a previous value of 79.46 yen.
For 2011, the European debt crisis was the reason for increase volatility in stock markets and oil prices and as 2012 has started, ministers in the European zone haven’t been able to come up with a successful plan to tackle the heightening debt crisis of the European zone and some analysts suggest that the debt crisis will not be solved this year at least and the effects of the crisis will be felt for a long time.
