Asian shares fell on Monday, with banking stocks particularly hard hit, amid lingering concerns that more measures would be required this week to help fend off a global recession.
Japanese banking stocks tumbled even as the Nikkei 225 initially edged higher on fears that lenders would need to raise capital as the value of their stockholdings continue to drop. Local reports said MUFG, Mizuho and Sumitomo Mitsui are considering raising capital.
The yen was hovering at a 13-year high against the dollar. Japan’s finance minister said the country is ready to take action on currencies if needed, Bloomberg reports, after the Group of Seven said it was concerned about the recent excessive movements of the Japanese currency.
US markets (Fri)
DJIA down 312.30at 8,378.95
Nasdaq down 51.88 at 1,552.03
S&P500 down 31.34 at 876.77
Asian markets (Mon)
4:33am BST
Nikkei down 1.37 at 7647.71
Topix down 22.31 at 783.80
Hang Seng down 591.74 at 1,2026.64
European markets (Fri)
FTSE100 unchanged at 3,883.36
Eurofirst 300 down 42.99 at 829.73
Currencies
4:19am BST
€/$ 1.25950 (1.27820)
$/¥ 93.9700 (96.1000)
£/$ 1.57410 (1.60460)
Commodities
4:20am BST
Brent Crude (Dec08) down 0.38 at 61.67
100 Oz Gold (Dec08) up 7.50 at 737.8
5000 Oz Silver (Dec.08) up 12.00 at 941.5
10-year government bond yields (%)
US 3.68 (3.61)
UK 4.36 (4.47)
Germany 3.75 (3.77)
Japan 1.51 (1.47)
Sources: FT, Reuters
