WELLINGTON, Jan 25 (Reuters) - Asian stocks are likely to
open weaker on Monday after U.S. stocks extended losses late
Friday on continued worries about President Barack Obama's plan
to impose tough limits on bank risk-taking.
Investors were also rattled by uncertainty about the U.S. Senate's confirmation of Federal Reserve Chairman Ben Bernanke for a second term after several key senators announced their opposition. For details see
Wall Street stocks fell as much as 2.7 percent, as financial and technology stocks bore the brunt of the selling. The main stock indices have now lost all the gains made this year and fell below key support levels and their 50-day moving averages, a move seen as a bearish signal.
U.S. market action is expected to be choppy through the week as another batch of corporate earnings are released and a vote on Bernanke's confirmation could come up before the end of the week.
Japan's Nikkei average, which hit a three-week closing low on Friday, is expected to open weaker, with Nikkei futures trading in Chicago 210 points lower than the Osaka close.
Australian shares are also seen sliding, with share index futures last trading at 4619, a 131.6 point discount to the underlying index close on Friday.
The U.S. dollar continued to feel the fall-out from Obama's plans, dropping against the yen and the euro.
Crude oil fell below $75 a barrel as commodities crumbled for a second day on proposed restrictions on financial risk taking.
Gold extended losses to settle below $1,100 an ounce, its first close below the key level since Dec. 23, while copper was the only major commodity to buck the down trend, as fund buying lifted it off one-month lows.
HEADLINES: > Wall Street sinks on bank, political jitters > Bernanke second Fed term suddenly in doubt > Europe welcomes Obama bank plan, won't imitate it > US investor optimism at highest in 2 years-UMich > China, US spar over Internet censorship > Oil falls below $75 on equities slide, Obama plan > World steel output drops in 2009, jumps in China > China's economy may surpass Japan-Goldman in paper > Canon profit seen hitting Y215 bln in '09 - Nikkei > OMK, Sumitomo, Europipe win Nord Stream pipes deal > Toyota broadens massive U.S. safety recall > UK Prudential to scale back on India, China-paper > IPO to test Chinese real estate market
KEY INDEXES pct change
Bank of New York Asia ADR index -1.76
Dow Jones Industrial Average -2.09
Nasdaq Composite Index -2.67
MSCI Asia Pacific ex-Japan -1.75
Nikkei futures in Chicago 10,380
Nikkei futures in Osaka 10,590
TOP ASIA EVENTS:
For more Asian company earnings, see
JAPAN - Bank of Japan starts two-day policy meeting.
- Reuters Tankan for January
- KDDI Corp Q3 results
AUSTRALIA - Producer price indexes December quarter
HONG KONG - Economic outlook briefing
- Sunway International Holdings results
TAIWAN - December industrial output data
INDIA - State Bank of India results
- Hero Honda results
- Mahindra & Mahindra results
((Wellington newsroom tel +64 4 471-4234, fax +64 4 473-6212
wellington.newsroom@reuters.com)) For top Asian company news, double click on: U.S. company news European company news U.S. weekly outlook European weekly outlook Forex news Global Economy news Tech/Telecoms/Media Banking news Political/General news Asia Macro data ASIA STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... DIARIES & DATA: IPO diary/data Asia earnings diary U.S. earnings diary European diary Hong Kong diary Wall Street Week Ahead Eurostocks Week Ahead LIVE PRICES & DATA: World Stocks Asian Stocks Dow Jones/NASDAQ / Nikkei FTSE 100 Debt Currency rates Keywords: MARKETS ASIA (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Investors were also rattled by uncertainty about the U.S. Senate's confirmation of Federal Reserve Chairman Ben Bernanke for a second term after several key senators announced their opposition. For details see
Wall Street stocks fell as much as 2.7 percent, as financial and technology stocks bore the brunt of the selling. The main stock indices have now lost all the gains made this year and fell below key support levels and their 50-day moving averages, a move seen as a bearish signal.
U.S. market action is expected to be choppy through the week as another batch of corporate earnings are released and a vote on Bernanke's confirmation could come up before the end of the week.
Japan's Nikkei average, which hit a three-week closing low on Friday, is expected to open weaker, with Nikkei futures trading in Chicago 210 points lower than the Osaka close.
Australian shares are also seen sliding, with share index futures last trading at 4619, a 131.6 point discount to the underlying index close on Friday.
The U.S. dollar continued to feel the fall-out from Obama's plans, dropping against the yen and the euro.
Crude oil fell below $75 a barrel as commodities crumbled for a second day on proposed restrictions on financial risk taking.
Gold extended losses to settle below $1,100 an ounce, its first close below the key level since Dec. 23, while copper was the only major commodity to buck the down trend, as fund buying lifted it off one-month lows.
HEADLINES: > Wall Street sinks on bank, political jitters > Bernanke second Fed term suddenly in doubt > Europe welcomes Obama bank plan, won't imitate it > US investor optimism at highest in 2 years-UMich > China, US spar over Internet censorship > Oil falls below $75 on equities slide, Obama plan > World steel output drops in 2009, jumps in China > China's economy may surpass Japan-Goldman in paper > Canon profit seen hitting Y215 bln in '09 - Nikkei > OMK, Sumitomo, Europipe win Nord Stream pipes deal > Toyota broadens massive U.S. safety recall > UK Prudential to scale back on India, China-paper > IPO to test Chinese real estate market
KEY INDEXES pct change
Bank of New York Asia ADR index -1.76
Dow Jones Industrial Average -2.09
Nasdaq Composite Index -2.67
MSCI Asia Pacific ex-Japan -1.75
Nikkei futures in Chicago 10,380
Nikkei futures in Osaka 10,590
TOP ASIA EVENTS:
For more Asian company earnings, see
JAPAN - Bank of Japan starts two-day policy meeting.
- Reuters Tankan for January
- KDDI Corp Q3 results
AUSTRALIA - Producer price indexes December quarter
HONG KONG - Economic outlook briefing
- Sunway International Holdings results
TAIWAN - December industrial output data
INDIA - State Bank of India results
- Hero Honda results
- Mahindra & Mahindra results
((Wellington newsroom tel +64 4 471-4234, fax +64 4 473-6212
wellington.newsroom@reuters.com)) For top Asian company news, double click on: U.S. company news European company news U.S. weekly outlook European weekly outlook Forex news Global Economy news Tech/Telecoms/Media Banking news Political/General news Asia Macro data ASIA STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... DIARIES & DATA: IPO diary/data Asia earnings diary U.S. earnings diary European diary Hong Kong diary Wall Street Week Ahead Eurostocks Week Ahead LIVE PRICES & DATA: World Stocks Asian Stocks Dow Jones/NASDAQ / Nikkei FTSE 100 Debt Currency rates Keywords: MARKETS ASIA (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.