Market Report – Asia & Europe Down
In today’s market report… Asian share markets and the euro were down Tuesday, as regional investors continued to pare risk after one of the worst trading months since the financial crisis.
The European Central Bank’s warning of a second wave of bank writedowns weighed on the single currency and regional financial shares.
The euro has declined 14 percent against the dollar this year, not far from a four-year low, while also easing sharply against the yen.
Japan’s Nikkei declined after a near 12 percent drop in May alone, the largest since October 2008.
Tech powerhouse Hitachi fell after the company’s president was quoted in an interview saying that European debt woes were having an impact on its business.
Some selling in Japan was attributed to political jitters, as Prime Minister Yukio Hatoyama said Tuesday he would stay on as premier, despite calls within his own party to step down.