The
euro held declines versus major peers and Japanese index futures
dropped as the European Central Bank tightened the terms of Greece™s
bailout by moving to limit funding for lenders. Australian bonds rose,
while Chinese stock futures jumped after a reduction in the bank reserve
ratio.
The
19-nation euro was little changed at $1.1330 by 7:44 a.m. in Tokyo,
after sinking as much as 1.4 percent Wednesday. Nikkei 225 Stock Average
futures fell 0.3 percent in Chicago as the Standard & Poor™s 500
Index erased a spike higher to close down 0.4 percent after the ECB
move. Ten-year Australian yields fell seven basis points amid a four
basis-point drop in Treasury rates, while New Zealand™s NZX 50 Index
lost 0.1 percent after crude oil resumed its decline after a four-day
rally. Futures on the FTSE China A50 Index rose 5.1 percent in recent
trading.
The
ECB said it will no longer suspend its own collateral rules for Greek
government debt, citing doubt over the new government™s commitment to
previous reform pledges. The decision, which came hours after Greek
Finance Minister Yanis Varoufakis met with ECB President Mario Draghi,
will force Greek lenders to seek funding from their own central bank at
less-advantageous rates than was offered by the ECB. China joined the
global wave of monetary easing late Wednesday by cutting the reserve
requirement to boost the supply of loans.
Source : Bloomberg
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