WELLINGTON, Nov 17 (Reuters) - Asian stocks will open weaker
on Wednesday as fears Ireland will become the next euro zone
country to need a bailout combined with Chinese measures to rein
in inflation to send markets tumbling.
Asian markets will be looking to developments in China, after Beijing on Tuesday unveiled food price controls and a crackdown on speculation in agricultural commodities.
The main Wall Street indexes fell between 1.6 percent and 1.8 percent, with global developments overshadowing top U.S. retailers Wal-Mart Stores Inc and Home Depot Inc, who both raised profit forecasts.
Resource stocks fell sharply as U.S. crude oil futures settled 3 percent lower, gold and metal prices fell and the dollar index jumped 0.9 percent. The S&P materials sector gave up 2.2 percent. Tech shares also stumbled, falling 1.9 percent, as investors fled for safety.
The state of Ireland's finances remained the dominant theme, after it said it was discussing ways to cut costs for its banks in what a top EU official called a 'survival crisis' for the euro zone.
Asian stocks listed on Wall Street fell 2.2 percent.
British shares fell 2.4 percent while European shares dropped 2.3 percent, with commodity and financial stocks badly hurt.
The greenback rose across the board as investors shunned riskier assets while the euro fell sharply after breaching technical support levels.
Japanese stocks are set to fall, despite the yen weakening against the U.S. dollar, with Nikkei futures traded in Chicago 75 points below the last closing level in Osaka .
Australian shares are seen opening lower with share index futures down 61 points to 4,652, a 48.3 point discount to the underlying S&P/ASX 200 index.
HEADLINES: > Irish rebuff bailout call in euro zone crisis > Wall Street dragged lower by global worries > ADRs slide as China worries weigh > U.S. wholesale prices fall, output flat > GM boosts IPO pricing, offers more preferred shrs > BofA CEO: Settling foreclosure probe best solution > Top Democrat signals deal on Bush-era tax cuts > Wal-Mart sees fortunes turning on holiday sales > U.S. Senate urged to pass China currency bill > Wall Street profit may hit $19 billion in 2010 > UK inflation more than expected, BoE to explain > China plans price controls to curb food inflation > Bank of Korea lifts rates, more raise seen in Q1
KEY INDEXES pct change
Bank of New York Asia ADR index -2.23
Dow Jones Industrial Average -1.59
Nasdaq Composite Index -1.75
Nikkei futures in Chicago 9,705
Nikkei futures in Osaka 9,780
TOP ASIA EVENTS:
For more Asian company earnings, see ASIA/EQTY
JAPAN - Leading and coincident indicators for September
HONG KONG - Shirble Department Store Holdings (China) Ltd
trading debut
- Goldin Properties Hldgs Ltd H1 result
- Oriental Watch Hldgs Ltd H1 result
- PNG Resources Hldgs Ltd H1 result
- Pokfulam Development Co Ltd Yr result
- VTech Hldgs Ltd H1 result
- Wai Yuen Ton Medicine Ltd H1 result
- Wang On Group Ltd H1 result
AUSTRALIA - Wage price index, Q3
MARKET HOLIDAY
India, Indonesia, Malaysia, Pakistan, Singapore
(Reporting by Adrian Bathgate; editing by Gyles Beckford)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) 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.
Asian markets will be looking to developments in China, after Beijing on Tuesday unveiled food price controls and a crackdown on speculation in agricultural commodities.
The main Wall Street indexes fell between 1.6 percent and 1.8 percent, with global developments overshadowing top U.S. retailers Wal-Mart Stores Inc and Home Depot Inc, who both raised profit forecasts.
Resource stocks fell sharply as U.S. crude oil futures settled 3 percent lower, gold and metal prices fell and the dollar index jumped 0.9 percent. The S&P materials sector gave up 2.2 percent. Tech shares also stumbled, falling 1.9 percent, as investors fled for safety.
The state of Ireland's finances remained the dominant theme, after it said it was discussing ways to cut costs for its banks in what a top EU official called a 'survival crisis' for the euro zone.
Asian stocks listed on Wall Street fell 2.2 percent.
British shares fell 2.4 percent while European shares dropped 2.3 percent, with commodity and financial stocks badly hurt.
The greenback rose across the board as investors shunned riskier assets while the euro fell sharply after breaching technical support levels.
Japanese stocks are set to fall, despite the yen weakening against the U.S. dollar, with Nikkei futures traded in Chicago 75 points below the last closing level in Osaka .
Australian shares are seen opening lower with share index futures down 61 points to 4,652, a 48.3 point discount to the underlying S&P/ASX 200 index.
HEADLINES: > Irish rebuff bailout call in euro zone crisis > Wall Street dragged lower by global worries > ADRs slide as China worries weigh > U.S. wholesale prices fall, output flat > GM boosts IPO pricing, offers more preferred shrs > BofA CEO: Settling foreclosure probe best solution > Top Democrat signals deal on Bush-era tax cuts > Wal-Mart sees fortunes turning on holiday sales > U.S. Senate urged to pass China currency bill > Wall Street profit may hit $19 billion in 2010 > UK inflation more than expected, BoE to explain > China plans price controls to curb food inflation > Bank of Korea lifts rates, more raise seen in Q1
KEY INDEXES pct change
Bank of New York Asia ADR index -2.23
Dow Jones Industrial Average -1.59
Nasdaq Composite Index -1.75
Nikkei futures in Chicago 9,705
Nikkei futures in Osaka 9,780
TOP ASIA EVENTS:
For more Asian company earnings, see ASIA/EQTY
JAPAN - Leading and coincident indicators for September
HONG KONG - Shirble Department Store Holdings (China) Ltd
trading debut
- Goldin Properties Hldgs Ltd H1 result
- Oriental Watch Hldgs Ltd H1 result
- PNG Resources Hldgs Ltd H1 result
- Pokfulam Development Co Ltd Yr result
- VTech Hldgs Ltd H1 result
- Wai Yuen Ton Medicine Ltd H1 result
- Wang On Group Ltd H1 result
AUSTRALIA - Wage price index, Q3
MARKET HOLIDAY
India, Indonesia, Malaysia, Pakistan, Singapore
(Reporting by Adrian Bathgate; editing by Gyles Beckford)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) 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.