The carnage on Asian equity indices prolonged for yet another day on fears that the debt crisis may spread to other euro zone nations as rising borrowing costs were affecting AAA- rated France. The political outlook remained unclear in Italy and Greece as they tried to push through severe austerity measures needed for bailout package and win the market confidence. The Italy Prime Minister designate, Mario Monti, is expected to unveil Italy’s new government on Wednesday. Moreover, the sentiments were also down as cash continued to flow out of European government debt on Tuesday, triggered by a less-than-stellar auction of Spanish treasury bills, pushing yields on Italian bonds above the key psychological 7.0% again and hitting even fiscally strong Northern European nations, such as Triple-A-rated France, Austria, the Netherlands and Finland.
Meanwhile, Chinese benchmark declined over two and a half percent on Wednesday, the biggest fall in nearly two months, dragged by financial and property issues after the International Monetary Fund warned that China’s biggest commercial banks face systemic risks. The IMF warned on Tuesday that China’s biggest commercial banks face systemic risks if a combination of credit, property, currency and yield curve shocks that could be withstood in isolation were to occur together.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,466.96 | -62.80 | -2.48 |
Hang Seng | 18,960.90 | -387.54 | -2.00 |
Jakarta Composite | 3,814.09 | 0.25 | 0.01 |
KLSE Composite | 1,476.84 | -0.38 | -0.03 |
Nikkei 225 | 8,463.16 | -78.77 | -0.92 |
Straits Times | 2,807.44 | -4.14 | -0.15 |
Seoul Composite | 1,856.07 | -30.05 | -1.59 |
Taiwan Weighted | 7,387.52 | -103.54 | -1.38 |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: