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Global stocks spooked by oil rout, euro faces inflation trial-有色金属展-铜材展-铝材展-钛材展-2015年广州国际有色金属工业展览会-效果最好的有色金属展会-2015Guangzhou int’l non-ferrous metals exhibition
1/7/2015 有色金属展-铜材展-铝材展-钛材展-non-ferrous metals expo |
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(Reuters) - Asian
share markets slipped while the euro hit a nine-year trough on Wednesday as
collapsing oil prices and worries about the world economy drove skittish
investors into the arms of safe havens such as the yen and sovereign
debt.
From Japan to
Germany to Australia, government borrowing costs reached all-time lows as oil
fell 10 percent in just two days and investors wrestled with the risk of global
deflation.
Data from the euro
zone due later on Wednesday are expected to show the first annual fall in
consumer prices since 2009, piling pressure on the European Central Bank to
launch all-out quantitative easing at its next policy meeting on Jan
22.
"We expect the ECB
to announce a sovereign QE programme on 22 January, and the first purchases to
probably start in the following week," said Citi economist Guillaume
Menuet.
"Given the
sizeable decline in market-based inflation estimates and the likelihood of a
negative print for the December flash estimate, we doubt that the ECB will
choose to wait," he added. "Investors would probably react very negatively to a
“no QE” announcement."
Investors were
busy selling the euro in anticipation of more money-printing by the central
bank, pushing the single currency to a fresh low of $1.1842 in Asian
trade.
The euro also
dropped to 140.58 yen, a low last seen in early November, while the dollar eased
to 118.58 yen and further away from December''s peak of
121.86.
Not helping was a
report Germany was making contingency plans for the possible departure of Greece
from the euro zone. Tabloid newspaper Bild cited unnamed government sources
saying Berlin was running scenarios for the Jan. 25 Greek election in case of a
victory by the leftwing Syriza party.
The general mood
of risk aversion took a toll on equities, with Japan''s Nikkei .N225 falling 0.3
percent after suffering the largest one-day drop in 10 months the previous
session.
MSCI''s broadest
index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.3 percent while
Australian stocks .AXJO fell a further 0.7 percent.
On Wall Street,
the three major stock indexes fell for a fifth straight session. For the S&P
500 it was the longest losing streak since late
2013.
The Dow .DJI shed
0.75 percent, the S&P 500 .SPX 0.9 percent and the Nasdaq .IXIC 1.29
percent.
INCREDIBLE
SHRINKING YIELDS
Overshadowing
sentiment were worries about what the breakneck decline in oil would mean for
earnings of oil companies and disinflationary pressures
worldwide.
Brent LCOc1 cost
just $50.90 a barrel having shed almost 10 percent so far this week, while U.S.
crude CLc1 was stuck at $48.07, after plumbing an April 2009 low of
$47.55.
With fears of
deflation rampant, yields on longer-dated Japanese, German, French, Dutch,
Austrian, Belgian, Finnish, Canadian and Australian bonds all touched record
lows.
Investors also
pushed back the day when the Federal Reserve might be able to hike U.S. interest
rates. Fed fund futures imply no chance of a hike by June and only one rise to
0.5 percent by year end.
Even if the Fed
sticks to its current timetable and moves around mid-year, markets are wagering
it will be so far ahead of the curve that inflation will remain permanently
low.
As a result,
investors are willing to accept less compensation for inflation risk over time,
so pulling down yields on even the longest dated
bonds.
Yields on U.S.
30-year paper US30YT=RR dived to 2.471 percent to be just a whisker above their
all-time trough of 2.443 percent. The 10-year note yielded 1.94 percent having
fallen 23 basis points in just three sessions.
有色金属展-铜材展-铝材展-钛材展-2015年广州国际有色金属工业展览会-效果最好的有色金属展会-2015Guangzhou
int’l non-ferrous metals exhibition
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