Asian markets slumped on Friday as investors grew increasingly nervous over the European Summit. Hong Kong’s Hang Seng led the declines, tumbling 2.7% to 18586. Japan’s Nikkei sank 1.5% to 8536, the ASX 200 lost 1.8%, and the Kospi fell 2%. In China, stocks fell .6%, despite a report which showed a inflation dropped to 4.2%.
European leaders agreed to work towards leaner budgets, but failed to announce any new aid measures. Nonetheless, stocks rallied, led by the banks, which rose 2.6%. The CAC40 climbed 2.5%, the DAX jumped 1.9%, and the FTSE rose .8%.
Currencies
The US Dollar traded mostly lower after the European Summit. The Euro rose 30 pips to 1.3370, the Pound rose 20 pips to 1.5662, and the Swiss Franc edged up 30 pips to 1.0821. The Australian Dollar gained .5% to 1.0221, and the Canadian Dollar ticked up .3% to 1.0193.
Economic Outlook
Consumer sentiment rose more than expected, climbing to 67.7, from last month’s 64.1 reading. The trade deficit fell to $43.5 billion, in line with forecasts.
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Western Markets Rally on Euro Summit Deal
Published 12/12/2011, 06:58 AM
Updated 05/14/2017, 06:45 AM
Western Markets Rally on Euro Summit Deal
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