(menafn – ecpulse)
As investors are becoming more cautious ahead of start of the earnings season, while worries over Europe’s debt crisis intensifies, market participants trimmed their exposure to risk, driving the MSCI Asia Pacific Index down 0.8% at 15:01 in Tokyo.
Sony and Sharp, Japan’s biggest TV makers, posted a combined loss of 900 billion yen (11 billion) as global demand weakened, the yen strengthened, while competition with rivals like Apple, Samsung and LG widened.
Meanwhile worries over Europe’s debt crisis intensified on Tuesday, after yields on the Spanish bonds touched 5.99%, close to levels that prompted Greece, Ireland and Portugal to seek European bailouts.
The worries over global growth and concerns that Europe’s debt crisis is worsening, determined investors to trim their exposure to risk and commodities to tumble, where crude fell below the 101.00 level.
In Asia, data showed that confidence dropped in Australia in April, machine orders rose in Japan in February, while South Korea saw parliamentary elections amid worries North Korea may launch a rocket by the end of this week.
Economic data today is restricted to the US, where import prices may advance in March, crude inventories may rise in the week ending on April 6, while the Feds will release their Beige Book.
Eyes however will turn to Europe on Wednesday, as Italy will sell between 7 and 8 billion euros of bills later in the day, while Germany will tender 5 billion euros in 10-year bonds.