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Euro Weakens and Stocks Fall in Asia After Election in Greece Euro Weakens and Stocks Fall in Asia After Election in Greece
(about 1 hour later)
HONG KONG — The euro weakened and stocks fell across Asia on Monday morning as investors reacted to Sunday’s Greek parliamentary elections, which handed a decisive victory to the left-wing Syriza party. HONG KONG — The euro weakened to 11-year lows and stocks fell across Asia on Monday as investors reacted to Sunday’s Greek parliamentary elections, which handed a decisive victory to the left-wing Syriza party.
Syriza and its outspoken leader, Alexis Tsipras, had campaigned against the austerity measures imposed on Greece by its international creditors. With 92 percent of the vote counted, Syriza had 36 percent, almost eight points ahead of the governing center-right New Democracy Party of Prime Minister Antonis Samaras, who had conceded defeat. The only uncertainty was whether Syriza would muster an outright parliamentary majority or if it would have to form a coalition. Syriza and its outspoken leader, Alexis Tsipras, had campaigned against the austerity measures imposed on Greece by its international creditors. With 98 percent of the vote counted, Syriza had 36 percent, almost nine points ahead of the governing center-right New Democracy Party of Prime Minister Antonis Samaras, who had conceded defeat. The only uncertainty was whether Syriza would muster an outright parliamentary majority or if it would have to form a coalition.
After falling to an 11-year low last week, the euro dropped as much as 0.9 percent against the dollar in Asian trading Monday morning before recovering slightly. By mid-morning in Tokyo, it was down around 0.3 percent, at around 1.117 per dollar. The yield on 30-year United States Treasury securities fell to a record low on Monday as investors continued to flock to perceived haven assets. The euro briefly dropped as much as 0.9 percent against the dollar in Asian trading Monday morning, falling to its lowest levels since 2003, before recovering slightly. By early afternoon, the euro was down around 0.2 percent, at around 1.118 per dollar.
Japan’s benchmark Nikkei 225 share index was down around 0.5 percent by mid-morning in Tokyo, while Hong Kong’s Hang Seng Index was down 0.2 percent shortly after opening. Markets in Australia were closed for a public holiday. Japan’s benchmark Nikkei 225-share index was down around 0.4 percent by early afternoon in Tokyo, while the Hang Seng Index in Hong Kong was down 0.1 percent at the midday trading break. Markets in Australia were closed for a public holiday.
While polls last week showed Syriza was likely to win the elections, investors on Monday still appeared to be unsettled by the results. Markets around the world had rallied on Friday after Mario Draghi, the governor of the European Central Bank, announced a new government bond-buying program to stimulate growth in the eurozone.While polls last week showed Syriza was likely to win the elections, investors on Monday still appeared to be unsettled by the results. Markets around the world had rallied on Friday after Mario Draghi, the governor of the European Central Bank, announced a new government bond-buying program to stimulate growth in the eurozone.
Mr. Tsipras, who is now positioned to become the next prime minister, has pledged to keep Greece within the eurozone as he seeks to negotiate an easing of austerity measures and rebuild the economy. The country has the highest unemployment rate in the eurozone, at 25.7 percent as of September, the most recent data available.Mr. Tsipras, who is now positioned to become the next prime minister, has pledged to keep Greece within the eurozone as he seeks to negotiate an easing of austerity measures and rebuild the economy. The country has the highest unemployment rate in the eurozone, at 25.7 percent as of September, the most recent data available.