Asian markets ended mixed yesterday and the euro was down as a rally sparked by last week’s surprise eurozone deal fizzled out, with weak manufacturing data from China also weighing on investors.
Oil prices also fell as doubts crept in about the EU summit deal, which aimed to help crisis-hit Spain and Italy and stem the long-running eurozone debt crisis.
After rising in early trade, Tokyo edged down 0.04%, or 3.30 points, to close at 9,003.48, while Seoul closed down 0.13%, or 2.36 points, at 1,851.65.
Shanghai was flat, edging up 0.03%, or 0.68 points, to close at 2,226.11. But Sydney put on 0.94%, or 38.4 points, to close at 4,133. Hong Kong was closed for a public holiday.
“The European Summit concluded without agreement on the long-term details (fiscal union etc), but did offer relief for Spain and Italy with direct bank funding” from the eurozone bailout fund, the National Australia Bank said in a note.
It added the agreement was “positive, but there are questions about how long this takes to establish”.
Weighing on markets yesterday, two closely-watched surveys showed weak manufacturing activity in China, renewing concerns about a slowdown in the world’s second-largest economy.
Gold rose to $1,590.52 an ounce at 1100 GMT, compared with $1,579.62 an ounce late Friday.
On other markets, Taipei rose 0.67%, or 48.88 points, to 7,345.16, Wellington rose 1.19%, or 40.33 points, to 3,440.16 and Manila ended 1.03%, 53.83 points, higher at 5,300.24.
Kuala Lumpur gained 0.11%, or 1.70 points to 1,600.85, Singapore was up 1.12%, or 32.14 points, at 2,910.59 and Bangkok added 1.42%, or 16.63 points, to 1,188.74. Jakarta rose 0.91%, or 35.96 points, closing at 3,991.54.
from gulf times.