Asian markets mostly up despite bad news

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Asian markets mostly up despite bad news

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Asian markets were mostly higher Wednesday, despite disappointing US retail data.

15 February,2012 10:33 am

The eurozone finance ministers put the Greek bailout on hold after Athens failed to meet conditions for the package.The 17-nation bloc had demanded that Greeces finance minister come to Brussels with an extra 325 million euros ($425 million) in budget cuts and written pledges from politicians to implement EU-ordered austerity measures.But Jean-Claude Juncker, head of the group of eurozone finance ministers, said Tuesday he did not have the political assurances from Greece to green light a bailout that Athens needs to avoid a devastating default.Sydney inched up 0.30 percent in morning trade, Seoul gained 0.95 percent while Tokyo leapt 1.82 percent by the break after the Bank of Japan Tuesday said it would pump another $130 billion into the countrys anaemic economy.Hong Kong rose 1.78 percent while Shanghai shares climbed 0.71 percent.Juncker switched a meeting scheduled for later Wednesday to a conference call instead and prepared for previously scheduled talks in Brussels on Monday.I did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the programme, he said.Late Sunday, Greek lawmakers pushed through a package of deeply unpopular budget cuts that sparked violent street battles between police and protesters numbering in the tens of thousands.On Tuesday, Chinese and European Union leaders started meetings in Beijing, where Premier Wen Jiabao said China may use its massive foreign exchange reserves to help Europe, its biggest export market.His comments were followed by Peoples Bank of China Governor Zhou Xiaochuan saying Wednesday that the countrys central bank will increase its holdings of euro-denominated assets, according to Dow Jones Newswires. That positive news followed Moodys chopping the credit ratings of six European nations, including Italy and Spain, while warning that its top ratings on Austria, France and Britain were also at risk.Wall Street was mixed with the Dow Jones Industrial Average inching up 0.03 percent, the broad-based S&P 500 closing down 0.09 percent, and the tech-heavy Nasdaq Composite adding 0.02 percent.The see-saw performance came as the US Commerce Department said January retail sales rose by 0.4 percent from December, the biggest gain since October. But the increase was only half as large as analysts had expected.Investors took some cheer as the ZEW think tanks widely watched barometer of German investor confidence surged to its highest level in 10 months.It is the first time since May 2011 that the index has been in positive positive territory.Yahoo shares sank 4.7 percent on a media report that talks on selling off its Asian holdings had hit an impasse.In foreign exchange markets, the yen fell to a fresh three-month low against the US dollar after Tokyo announced the additional easing measures.The dollar rose to 78.67 yen at one point Wednesday morning -- its highest level since November 1 -- from 78.44 yen late Tuesday in New York, before easing slightly to sit at 78.48 yen.The euro was at $1.3154 and 103.28 yen, from $1.3130 and 103.15 yen in New York.In morning trade, New Yorks main contract, light sweet crude for delivery in March, rose 52 cents to $101.28, while Brent North Sea crude for April delivery gained 50 cents to $117.85.Gold was at $1,724.07 an ounce at 0300 GMT, against $1,721.10 in New York.