(menafn – ecpulse)
Asian stocks were seen mixed today on worries over the impact of a slower global economy on profits while sentiment towards Europe improved slightly as euro-area ministers prepare this week a deal to strengthen the region’s financial firewall.
Although Italian Prime Minister Mario Monti warned that Spain could reignite Europe’s debt crisis, sentiment towards Europe improved as Germany may add to pressures this week to increase the size of Europe’s firewall, the EFSF.
MSCI Asia Pacific Index fell 0.2% at 12:44 in Tokyo on worries from the impact of a slower global economy on profits, yet losses were limited by the gains seen in Japan after the yen weakened against all 16 major counterparts.
Data later today may show German business confidence held at a seven-month high in March while more Americans bought previously owned homes. Germany and France will be holding bond auctions on Monday.
The exaggerated rallies seen last week may also justify the downside correction experienced on Monday, and the yen’s weakness which posted last week its biggest weekly advance this year.