Asia markets slip on us losses

Asian markets mostly fell yesterday as dealers followed losses on Wall Street while selling pressure was also stoked by fears over Spain and nervousness ahead of Greek polls at the weekend. Tokyo fell 0.22%, or 19.95 points, to 8,568.89, Sydney closed 0.53%, or 21.6 points, lower at 4,042.2 and in the afternoon Hong Kong was 0.79% down while Shanghai eased 0.86%. However, Seoul gained 0.65%, or 12.16 points, to 1,871.48. With the eurozone’s $125bn loan for Spain’s banking sector almost a distant memory, the country has seen its borrowing costs surge to unsustainable levels and traders are growing concerned about its own financial state. Eyes are also on Sunday’s elections in Greece — its second in six weeks — with dealers fearing a victory for anti-austerity parties that could lead to Athens tearing up a bailout deal, which in turn would likely lead it to exit the eurozone. French President Francois Hollande said in an interview with Greek Mega Channel television that if it appears from the vote that they do not want to respect the bailout deal “there will be countries in the eurozone which would prefer to end Greece’s presence in the eurozone.” In a transcript of the interview provided by his office he added that “the abandoning pure and simple of the (bailout and austerity) memorandum would be seen by many eurozone members as a break up”. The euro bought $1.2560 in afternoon trade, slightly up from $1.2556 in New York late Wednesday. The common currency was fetching ¥99.72 against 99.78. The dollar was at ¥79.40 against 79.46. In other markets, Taipei fell 0.19%, or 13.73 points, to 7,075.10 and Wellington ended 1.02%, or 34.36 points, higher at 3,416.09.from gulf times.