Asian markets fell on Wednesday, but the losses were mostly moderate. The Nikkei eased .3% to 8633, the ASX 200 fell .5% to 4094, and the Kospi slipped .3% to 1844. China’s Shanghai Composite eased .2% to 2385, while the Hang Seng underperformed, skidding 1.9%, as HSBC shares fell 2.8% due to European debt concerns.
Renewed political concerns in Greece shook European markets, as polls showed leftists taking the lead ahead of pro-bailout conservatives. The CAC40 tumbled 2.2%, the DAX sank 1.8%, and the FTSE dropped 1.7%.
US indexes continued the trend, dropping more than 1%. The Dow tiumbled 161 points to 12420, the S&P 500 sank 1.4% to 1313, and the Nasdaq fell 1.2% to 2837.
Research in Motion shares tanked 7.8% after the company warned it expected a loss for the first quarter, and said it was pursuing partnerships.
Currencies
The US dollar soared as traders fled to the relative safety of the greenback and the yen. The euro fell to a 23-month low, settling at 1.2367, down 1%. The pound dropped 1% to 1.5479, and the Swiss franc dropped .9% to 1.0299. The Australian dollar tumbled 1.2% to .9714, and the Canadian dollar declined .6% to 1.0297. The yen advanced .6% to 79.08.
EUR/USD" title="EUR/USD" width="808" height="303">
Economic Outlook
Pending home sales unexpectedly contracted by 5.5% in April, hitting a 4-month low, and weekly mortgage applications decreased, despite record low rates.
The European Commission said the eurozone must issue eurobonds and form a banking union, which could impact the ongoing policy debate.
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Western Markets Tumble As Leftists Take Lead In Greek Polls
Published 05/31/2012, 05:46 AM
Updated 05/14/2017, 06:45 AM
Western Markets Tumble As Leftists Take Lead In Greek Polls
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