The euro fell against most major currency rivals in the wake of underwhelming German Industrial Production figures. These disappointing results exacerbated fears that quite the opposite to the rhetoric, the EU may actually be slipping further into recession. The EUR/USD dropped over 50 pips during day session closing at 1.3037. It fell more than 70 pips against the yen giving more credence to suggestions that a rise in interests rates is due
The MSCI Asia Pacific Index fell to 132.7, a drop of 0.3 percent to. It is looking like the gauge will have a 0.1 percent loss for this week after some major firms in the region posted less than encouraging sales figures.
Sony stock plummeted by 6.2 percent as the company posted unexpected losses. The drop marks the Japanese electronics firm’s eighth consecutive quarterly loss. In Korea GS Engineering & Construction Corp. fell 8.8 percent on the back of fourth quarter losses. Fujitsu Ltd bucked the tredn gaining 2.2 percent after announcements that it is due to cut up to 5,000 jobs and merge an area of its manufacturing with Panasonic Corp.
In Japan the Nikkei 225 dropped 0.7 percent, reducing the week’s overall rise to 0.7 percent. The measure is looking like it will achieve a thirteenth consecutive week of gains, it’s longest such streak since the late 50s. Australia’s S&P/ASX 200 Index also gained a 0.3 percent today. South Korea’s Kospi Index made more conservative gains, closing 0.1 percent higher than the previous day..