Asian Markets down, Spain’s formal aid request ahead


25/06/2012 22:10 AST  FXstreet

Aside from Hong Kong’s Hang Seng gains of 0.10%, today’s Asian markets were mostly downers: the Shanghai Composite fell -0.88%, Japan’s Nikkei Stock Average dropped by -0.77%, Australia’s S&P/ASX 200 shed -0.73% and South Korea’s Kospi lost -1.17%.

On Friday, the ECB eased its bank funding rules regarding collaterals as Spain will be formally asking for aid today. This week’s main event will be the 28/29 June summit, where many political and financial decisions should be made. However, this story has been told too many times and many market participants are clinging to disappointment. Greece will be looking to ease austerity.

Futures for the German DAX 30 are up by -0.06%, while the French CAC 40 signals a lower open by -0.06%. WTI crude oil gains 0.50%, at 0.80.12. Gold is trading at 1572, up by 0.14%.

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