JAPAN/TAIWAN: Markets in Japan and Taiwan resume their fall after rumours about the health of French banks re-ignite concerns over the euro zone's debt crisis

Record ID: 464339

  • Title: JAPAN/TAIWAN: Markets in Japan and Taiwan resume their fall after rumours about the health of French banks re-ignite concerns over the euro zone's debt crisis
  • Date: 12th August 2011
  • Summary: TOKYO, JAPAN (AUGUST 11, 2011) (REUTERS) FOREIGN EXCHANGE TRADING FLOOR AT BROKERS UEDA HARLOW VARIOUS OF DEALERS WORKING MONITOR SHOWING DOLLAR TRADING AT 76.84 YEN MONITOR SHOWING VARIOUS FOREIGN CURRENCY EXCHANGE RATES JAPANESE AND AMERICAN FLAGS TAIPEI, TAIWAN (AUGUST 11, 2011) (REUTERS) WALL OF MONITORS INSIDE A SECURITIES FIRM AN INVESTOR LOOKING ON GRAPH SHOWING STOCK PRICE FLUCTUATIONS GRAPH SHOWING LOWEST POINT AT 09:10 LOCAL TIME (0110 GMT) AT 7499.54 POINTS TWO INVESTORS LOOKING AT THE MONITORS MONITOR SHOWING TAIWAN MAIN INDEX AT 7687.84, DOWN 48.48 POINTS, AT 10:16 LOCAL TIME (0216 GMT) WALL OF MONITORS INVESTORS INSIDE A SECURITIES FIRM
  • Embargoed: 27th August 2011 13:00
  • Keywords:
  • Location: Taiwan, Province of China, Japan
  • City:
  • Country: Taiwan
  • Topics: Economy
  • Reuters ID: LVA7KTLWB7HJS6UPUV2MKQQ8E072
  • Story Text: Asian shares resumed their fall on Thursday (August 11) following a rebound the day before, after rumours about the health of French banks re-ignited concerns over the euro zone's debt crisis and sent U.S. stocks down more than 4 percent.
    By the midday break the benchmark Nikkei average had fallen 1.3 percent to 8,922.32, while the broader Topix shed 1.3 percent to 766.97.
    Banks and other financials, already trading well below book value, fell after rumours about the financial health of Societe Generale which the bank denied, triggered a selloff in European and U.S. banks.
    Carmakers and machinery makers also dropped as investors continued their shift into domestic-demand related and defensive sectors such as pharmaceuticals and retail from cyclicals, on worries over the state of the global economy and the strong yen.
    Japanese Prime Minister Naoto Kan reiterated that the government would watch moves in the currency and look to curb any excessive movements.
    "We've been looking closely at the currency exchange market which has been showing somewhat one-sided moves. As finance minister said, we will keep watching closely on currency moves and respond to its pertinently," Kan said at an upper house meeting Thursday morning.
    Taiwan stocks fell 2.2 percent on Thursday, following losses on Wall Street and regional bourses, with TSMC and Acer declining after their July sales results.
    The main TAIEX index opened down 170.13 points at 7,566.39, after rallying 3.25 percent in the previous session.
    TSMC, the world's top contact chip maker, shed 1.82 percent and Acer, the world's No.2 PC vendor, fell 1.5 percent after reporting sales for July.
    Sino-American was unchanged after saying it would buy part of Carlyle and Unison Capital's investment in a Japanese wafer business.
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