In this Sept. 13, 2012, file photo, specialist Sean O'Brien works at his post on the floor of the New York Stock Exchange. THE CANADIAN PRESS/AP, Richard Drew
BANGKOK - Asian stock markets mostly fell Tuesday as signs that Europe will take longer than expected to set up a new authority to supervise European banks kept investors on the sidelines.
The creation of a European banking union is important to prevent any bank failures from torpedoing the finances of financially weak countries such as Spain or Italy. But a meeting among European finance ministers over the weekend underscored the lack of consensus on the details of such a union.
"It appears that markets have to wait longer than expected to get clarity on Greece, Spain and the banking supervision. This continued delay could put downward pressure on the euro and other risk assets," said Stan Shamu of IG Markets in Melbourne, Australia.
Japan's Nikkei 225 index rose 0.2 per cent to 9,173.54. South Korea's Kospi fell less than 0.1 per cent to 2,001.28. Hong Kong's Hang Seng was marginally down to 20,646.57. Benchmarks in Singapore, mainland China and Taiwan fell.
Wall Street dropped Monday after a survey suggested that conditions for New York manufacturers continued to weaken in September. That followed news from the Federal Reserve on Friday that U.S. industrial production fell in August by the largest amount in more than three years.
The Dow Jones industrial average fell 0.3 per cent to 13,553.10. The Standard & Poor's 500 fell 0.3 per cent to 1,461.19. The Nasdaq composite index fell 0.2 per cent to 3,178.67.
Benchmark oil for October delivery was up 39 cents to $97.01 per barrel in electronic trading on the New York Mercantile Exchange. The contract finished up 69 cents to $99 per barrel in New York on Friday. The contract fell $2.38, or 2.4 per cent, to finish at $96.62 a barrel on the Nymex on Monday.
In currencies, the euro fell to $1.3100 from $1.3107. The dollar rose to 78.58 yen from 78.74 yen.
© The Canadian Press, 2012
18 Sep, 2012
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Source: http://www.globalnews.ca/Money/asian+stock+markets+fall+after+talks+on+europe+banking+union+fail+to+produce+concrete+plan/6442716197/story.html
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