Japanese stocks fell
and the yen strengthened as investors sought haven assets after Greek
voters rejected austerity demanded by creditors, endangering the
renegade nation’s future in the euro zone.
The Topix lost 1.5
percent to 1,627.15 as of 9:01 a.m. in Tokyo, with all of its 33
industry groups declining. The Nikkei 225 Stock Average dropped 1.6
percent to 20,209.49. The yen, regarded as a haven, gained 1.3 percent
to 134.60 per euro and added 0.3 percent against the dollar.
With all ballots
counted, Greeks have voted 61.3 percent to back Prime Minister Alexis
Tsipras in rejecting austerity measures required to win another bailout
package, according to figures posted on the Interior Ministry’s website.
The results mean Greece exiting the currency union is now the base-case
scenario, JPMorgan Chase & Co. said. Polls last week had indicated
the vote would be too close to call.
E-mini futures on the
Standard & Poor’s 500 Index dropped 1.2 percent from Thursday. U.S.
markets reopen Monday after a holiday on Friday.
The weekend Greek
verdict turns the tables on German Chancellor Angela Merkel and her
counterparts across Europe, who must decide if a financial rescue of the
region’s most indebted country is still possible. It significantly
raises the chances of a Greek exit from the single currency, as the
country’s banks run out of cash and its economy staggers toward all-out
collapse.
Source : Bloomberg
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