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Category: Money

Asian Stock Markets Report Muted Gains Despite Greece’s Debt Problems

Written on May 10, 2011 by Japhet Writ

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Despite Greece being down to 'junk status' with its debt problems, Asian stock markets reported muted gains.

Earlier today, posted muted gains due to concerns over ’s surging .

fell below $101 per barrel, as traders anticipated a further increase in US’ weekly crude inventories due to decreasing demand. It helped energy shares but hurt airline stocks. Japan’s largest energy explorer, Inpex Corp., gained 1.2 percent, while All Nippon Airways dropped to the same amount. On the other hand, Japan’s was up to 0.1 percent following a sluggish opening, with shares from Chubu Electric Power Co. which raised to 1.9 percent. The Japanese utility agreed to a government request to shut down three nuclear reactors at the Hamaoka Coastal Power Plant, while it builds a seawall and upgrades other tsunami defenses.

Elsewhere, Singapore, New Zealand, Philippines and Mainland China’s benchmarks rose. However, markets for South Korea and Hong Kong were closed for a holiday.

In Europe, stock markets fell last Monday on worries that Greece will need more assistance from other EU countries to pay for its debts. That said, S&P downgraded the country’s debt rate to ‘junk status’. Tim Schroeders of Pengana Capital Ltd. said:

“The U.S. jobs data at the end of last week was broadly positive, but there are still longer term issues that investors are contending with.┬áDebt issues in Greece and the downgrading to junk status, and the potential for an additional bailout package and what the implications are for the other debtor countries within the European Union. The signals are definitely mixed.”

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