By Lynn Thomasson and Jonathan Burgos - Dec 12, 2011 2:51 PM GMT+0700
Dec. 12 (Bloomberg) -- Catherine Yeung, investment director at Fidelity Worldwide Investment, talks about her strategy for Chinese stocks. She speaks from Hong Kong with Owen Thomas and Linzie Janis on Bloomberg Television's "Countdown." (Source: Bloomberg)
Dec. 12 (Bloomberg) -- Jing Ulrich, Hong Kong-based chairman of global markets for China at JPMorgan Chase & Co., talks about the nation's economy. Ulrich also discusses Europe's sovereign debt crisis and initial public offerings in Hong Kong. She speaks with John Dawson, Susan Li, Mia Saini and Zeb Eckert on Bloomberg Television's "Asia Edge." (Source: Bloomberg)
Dec. 12 (Bloomberg) -- Nigel Tupper, Asia Pacific strategist and chief global quantitative strategist at Bank of America Merrill Lynch, talks about the outlook for Asian financial markets and his investment strategy. Tupper speaks in Hong Kong with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
The euro weakened, while U.S. and European stock futures fell before a bond sale by Italy and France. Asian stocks (MXAP) snapped two days of losses amid speculation China will loosen monetary policy.
The euro fell 0.6 percent against the dollar as of 7:49 a.m. in London, following a 0.3 percent gain on Dec. 9. Futures on the Euro Stoxx 50 Index retreated 1.1 percent and contracts on the Standard & Poor’s 500 Index lost 0.7 percent. Copper slid 1.9 percent and oil declined 0.8 percent to $98.66 a barrel. The MSCI Asia Pacific Index climbed 0.7 percent.
Italy and France are preparing to sell a combined 13.5 billion euros ($18 billion) of short-term debt today. Last week’s European Union summit offered few new measures and doesn’t diminish the risk of credit-ranking revisions, Moody’s Investors Service said. European leaders unveiled a blueprint last week for a fiscal accord to save the region’s currency, adding 200 billion euros ($267 billion) to a bailout fund and tightening rules to curb future debts.
“The European situation will continue to bother us into next year as policy initiatives seem insufficient,” said Mark Matthews, Singapore-based head of research for Asia at Bank Julius Baer & Co., which has about $180 billion globally.
Asian stocks advanced as a smaller trade surplus and the weakest export growth since 2009 may encourage Chinese policy makers to add to a Nov. 30 cut in bank reserve requirements that was the first since 2008.
Bond Auctions
The euro weakened to $1.3307. Foreign-exchange strategists are slashing their forecasts for the currency at the fastest pace this year as the European Central Bank’s interest-rate cuts remove one of the currency’s pillars of support. Analysts reduced end-of-2012 estimates for the euro to $1.32 from $1.40 since Nov. 3, based on the median of 40 forecasts in a Bloomberg survey as of last week.
Italy will sell 7 billion euros ($9.4 billion) of 365-day bills today, while France is scheduled to auction 6.5 billion euros of short-term debt.
S&P 500 futures fell to 1,244.30, signaling the U.S. equity benchmark may trim its 1.7 percent gain on Dec. 9. Benchmark 10- year note yields were little changed at 2.05 percent after rising the most in a month on Dec. 9.
To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net; Jonathan Burgos in Singapore at jburgos4@bloomberg.net.
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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