Euro weakens as eurozone fails to agree Greek deal

The euro fell in Asian trade on Wednesday and shares were mixed after eurozone finance chiefs said they had failed to agree on a deal to unlock the latest batch of crucial bailout cash for Greece.

Ministers said in a statement at the end of talks that ended in the small hours that they would meet again next Monday "for further technical work on some elements of the package".

The news sent the euro diving from recent highs against the yen, while it also lost almost a US cent from its intra-day peak against the dollar.

In afternoon trade the single currency bought $1.2753 and 104.37 yen, after hitting $1.2820 and 105.07 yen ahead of the announcement from Brussels.

It had finished in New York Tuesday at $1.2818 and 104.70 yen.

The dollar, which had touched a seven-month high of 81.97 yen in the morning, bought 81.81 yen.

Traders were left disappointed as they had been buying the euro on expectations an agreement would be made in Brussels, while Jean-Claude Juncker, who presides over the Eurogroup has said there were "good chances of an agreement".

However, the meeting ended with a statement saying only that they "made progress in identifying a consistent package of credible initiatives aimed at making a further substantial contribution to the sustainability of Greek government debt".

"It was progress but we have to do a little bit more," International Monetary Fund (IMF) boss Christine Lagarde told reporters as she left the meeting.

The major sticking point had been whether to give Greece, which is in desperate need of the $40 billion handout, an extra two years to arrive at a point where it can raise its own funds.

Juncker had called for that option but Lagarde very publicly disagreed.

Asian markets were also hit by the news, with earlier big gains pared back or wiped out completely.

Tokyo closed up 0.87 percent, or 79.88 points to 9,222.52, Sydney fell 0.37 percent, or 16.2 points, to close at 4,369.5, while Seoul lost 0.32 percent, or 6.14 points, to end at 1,884.04.

In afternoon trade, Shanghai fell 0.68 percent to 1,995.17 -- the lowest since February 2, 2009, while Hong Kong was off 0.66 percent.

Investors had been buoyed by confidence the United States will avoid a fiscal cliff of tax hikes and spending cuts and that Greece will get its bailout, while Tokyo's climb was fuelled by a weaker yen.

The yen had been under pressure after the Bank of Japan held off further monetary easing on Tuesday but signalled fresh action could be in the pipeline after saying the economy remained weak.

The currency has weakened since last week, when the man likely to become prime minister after next month's general election said he would push for unlimited loosening monetary policy by the central bank.

There was more gloom for the Japanese economy on Wednesday as finance ministry data showed October's trade deficit nearly doubled to 549 billion yen ($6.7 billion) from a year ago, coming on top of weakening factory output.

On Wall Street, the three main indexes all ended flat on weak corporate news.

However, there was support from the Commerce Department, which said home construction rose again in October following September's strong surge, a further sign of recovery in the crucial housing market.

Housing starts rose 3.6 percent from October, surprising analysts who had expected a fall after September's jump.

Oil prices also saw their earlier rises clipped back. New York's main contract, light sweet crude for delivery in January, were flat at $86.75 a barrel and Brent North Sea crude for January delivery added seven cents to $109.90.

Gold was at $1,723.70 at 0650 GMT compared with $1,733.45 late Tuesday.

In other markets:

-- Taipei fell 0.80 percent, or 57.28 points, to 7,088.49.

Hon Hai Precision slid 0.89 percent to Tw$89.1 while TSMC was 0.11 percent higher at Tw$90.5.

-- Wellington closed flat, edging down 1.74 points to 3,971.23.

Telecom fell 1.7 percent to NZ$2.34 while Fletcher Building gained 1.1 percent to NZ$7.73.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • US stocks flat as oil shares pressured AFP - 6 minutes ago

    Petroleum-linked shares retreated Wednesday ahead of a US oil inventory report as Wall Street stocks opened little-changed in sluggish trade. Shares of Dow members ExxonMobil and Chevron dipped with oil ... … More »

  • Markets Right Now: US stocks open lower Associated Press - 7 minutes ago

    The latest on developments in global financial markets (all times local): 9:35 a.m. Stocks are opening slightly lower on Wall Street as the market gives back a modest gain from the day before. Mining and ... … More »

  • Wall Street opens little changed as investors eye Fed
    Wall Street opens little changed as investors eye Fed Reuters - 17 minutes ago

    REUTERS - U.S. stocks were little changed at the open on Wednesday as investors kept up their wait for Federal Reserve Chair Janet Yellen's speech on Friday for clues on the timing of an interest rate ... … More »

  • Iran yet to decide on OPEC limits: ministry source AFP - 28 minutes ago

    Iran has yet to take any decision on whether to set a ceiling on oil production or take part in a planned OPEC meeting in Algeria, an oil ministry source told AFP Wednesday. "It is too early to talk ... … More »

  • Cnooc Posts 1st Half-Year Loss on Canadian Oil Sands Charge (3) Bloomberg - 52 minutes ago

    Prices have whipsawed this year, flipping five times between bear and bull markets, as production from nations outside the Organization of Petroleum Exporting Countries, including China and the U.S., declines in the wake of a price crash that began … More »

  • EU warns Greece statistics row 'dangerous' for bailout Reuters - 1 hour 16 minutes ago

    BRUSSELS/ATHENS (Reuters) - The European Union called on Greece on Wednesday to quash what Brussels said were false accusations the Greek statistics agency rigged data to help foreign creditors and warned that the row posed risks to Athens' current … More »

  • Glencore’s Worst Profit Shows Miners Still Reeling From Crisis Bloomberg - 1 hour 18 minutes ago

    Weak raw-material prices caused profit at the commodities giant to plunge 66 percent in the first half to $300 million. The shares slumped as much as 6 percent in London, the most in two months, even as Glencore promised to cut debt even further … More »

  • New trade deal with Britain may take time, Norwegian minister says Reuters - 1 hour 41 minutes ago

    Norway wants to maintain a good relationship with Britain after it leaves the European Union but it may take a long time for a new trade agreement to be established, the EU affairs minister in Oslo said on Wednesday. Elisabeth Aspaker told a … More »

  • Qatari state fund buys stake in NY's Empire State Building
    Qatari state fund buys stake in NY's Empire State Building Associated Press - 1 hour 43 minutes ago

    Qatar's sovereign wealth fund has made an iconic purchase in America — a stake in the company that owns New York's Empire State Building. The $622-million purchase by the Qatar Investment Authority comes ... … More »

  • European stocks rebound as euro slips, U.S. curve flattens
    European stocks rebound as euro slips, U.S. curve flattens Reuters - 1 hour 46 minutes ago

    European stocks edged towards consecutive daily gains for the first time in three weeks on Wednesday, drawing support from a weak euro as investors moved to price in a U.S. interest rate rise, boosting the dollar. The earlier mood was more … More »

  • WPP sees signs of post-Brexit recovery in British ad market
    WPP sees signs of post-Brexit recovery in British ad market Reuters - 1 hour 50 minutes ago

    WPP (WPP.L), the world's largest advertising group, reported a better than expected jump in first-half net sales and said its British operations showed signs in July of a "post-Brexit recovery", sending its shares to a record high. Run by … More »

  • Gold steady as investors await U.S. rate clues
    Gold steady as investors await U.S. rate clues Reuters - 1 hour 51 minutes ago

    Gold held steady on Wednesday as investors took to the sidelines ahead of a speech by Federal Reserve Chair Janet Yellen this weekend which will be closely watched for further clues on U.S. interest rate policy. Yellen is scheduled to address a … More »

  • Exclusive - German ratings firm Scope seeks ECB recognition Reuters - 1 hour 51 minutes ago

    German rating firm Scope says it is in talks to become one of the European Central Bank's recognised sovereign credit agencies, though tough requirements mean the process could take at least three years. Scope would become the first agency based in … More »

  • Oil prices drop as market tracks US supplies AFP - 1 hour 52 minutes ago

    Oil prices fell Wednesday, with Brent stuck below $50, after data showed an increase in US crude stockpiles, adding to supply glut concerns. Data from the American Petroleum Institute (API) Tuesday showed ... … More »

  • U.S. oil falls 2 percent on surprise build in crude stocks
    U.S. oil falls 2 percent on surprise build in crude stocks Reuters - 1 hour 55 minutes ago

    U.S. oil prices fell more than 2 percent on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years. Industry data from the American Petroleum Institute (API) … More »

  • U.S. oil falls 2 pct on surprise build in crude stocks
    U.S. oil falls 2 pct on surprise build in crude stocks Reuters - 2 hours 2 minutes ago

    U.S. oil prices fell more than 2 percent on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years. Industry data from the American Petroleum Institute (API) … More »

  • Buba's Dombret says eyes LSE-Deutsche Boerse merger with some concern Reuters - 2 hours 21 minutes ago

    Bundesbank board member Andreas Dombret said he was concerned the planned $29 billion (21.89 billion pounds) merger between German exchange operator Deutsche Boerse and the London Stock Exchange may raise systemic risks in derivatives clearing. … More »

  • PetroChina profit almost wiped out in first half
    PetroChina profit almost wiped out in first half AFP News - 2 hours 26 minutes ago

    China’s biggest oil producer PetroChina's net profit plunged 97.9 percent in the first half of this year, it said Wednesday, as it struggled with a weak domestic economy and low oil prices. Net profit was 531 million yuan ($79.9 million) in the … More »

  • European equities mainly rise on German GDP
    European equities mainly rise on German GDP AFP News - 2 hours 28 minutes ago

    European stock markets mostly rose on Wednesday, shrugging off a largely downbeat session in Asia, with sentiment partly lifted by German economic growth data. Strong foreign trade and buoyant consumption drove Germany's economy, Europe's largest, … More »

  • Malaysian oil service provider Perisai in talks with bondholders Reuters - 2 hours 35 minutes ago

    Malaysian oil and gas service provider Perisai Petroleum Teknologi on Wednesday said it has started talks with holders of its S$125 million ($92.36 million) bond maturing on Oct. 3. Perisai said its interest cover ratio had fallen below the … More »

  • Angry Birds maker Rovio turns a profit, plans movie sequel
    Angry Birds maker Rovio turns a profit, plans movie sequel Reuters - 2 hours 36 minutes ago

    Finnish mobile game and animation maker Rovio Entertainment Ltd said on Wednesday it made a profit in the first half of the year and was planning a sequel to its successful Angry Birds Movie. Rovio's adjusted operating profit in the first six … More »

  • Philippines' Duterte says willing to allow online gambling resumption Reuters - 2 hours 38 minutes ago

    Philippine President Rodrigo Duterte said on Wednesday he's willing to allow a resumption of online gambling in the Southeast Asian nation if correct taxes are paid and gaming parlours are far from schools and churches. The new president added … More »

  • German banks right to charge for accounts - Bundesbank's Dombret Reuters - 2 hours 47 minutes ago

    German banks are right to consider current account fees to counter low central bank rates, but an outright charge on deposits, as pioneered by a few lenders, is unlikely to become common, Bundesbank board member Andreas Dombret told Reuters. While … More »

  • EU, Portugal agree on recapitalisation for bank CGD Reuters - 3 hours ago

    The European Commission said it had reached an agreement in principle with Portugal over the recapitalisation on market terms of Portuguese state-owned bank Caixa Geral de Depositos - the country's largest lender. Under the terms of the deal, … More »

  • EU says Greek debt statistics not manipulated in 2010-2015
    EU says Greek debt statistics not manipulated in 2010-2015 Reuters - 3 hours ago

    The European Union's Employment Commissioner Marianne Thyssen said on Wednesday the Greek statistics office did not manipulate data on the country's debt in 2010-2015 and that she had sent a letter to Athens asking it to refute any such suggestions. … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.1290.0000.00%
    N21.SI
    0.250.00-1.96%
    5ME.SI
    0.60+0.04+6.57%
    5TP.SI
    0.99-0.02-1.98%
    Y92.SI
    0.156+0.007+4.70%
    AFC.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.06+22.45%
    T18.SI
    0.15+0.02+15.38%
    5TI.SI
    0.225+0.025+12.50%
    Y35.SI
    0.51+0.05+12.09%
    BHU.SI
    0.162+0.017+11.72%
    QS9.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.011-0.115-91.27%
    QF6.SI
    0.23-0.17-42.50%
    AWI.SI
    0.205-0.055-21.15%
    I06.SI
    0.45-0.10-18.18%
    BFK.SI
    0.385-0.085-18.09%
    E8Z.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3543+0.0031+0.23%
    USDSGD=X
    1.5258-0.0012-0.08%
    EURSGD=X
    1.7944+0.0117+0.66%
    GBPSGD=X
    74.1160+0.007+0.01%
    SGDJPY=X
    5.7239-0.0116-0.20%
    SGDHKD=X
    2.9829+0.0071+0.24%
    SGDMYR=X
    9,783.5176-33.1865-0.34%
    SGDIDR=X
    4.9142+0.0008+0.02%
    SGDCNY=X
    1.0327+0.0038+0.37%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,332.50-13.60-1.01%
    GCZ16.CMX
    18.64-0.29-1.52%
    SIU16.CMX
    101.23-2.66-2.56%
    ^XAU
    2.10-0.02-0.71%
    HGU16.CMX
    47.55-0.55-1.14%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.13-0.01
    ^FVX
    1.550.00
    ^TNX
    2.240.00
    ^TYX