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Asian Market Update

Thursday, 5 February 2015



Concerns about Greece's plans to renegotiate its bailout rattled most Asian markets on Thursday and put pressure on the euro, but Shanghai and Hong Kong rallied after China cut the amount of funds banks must hold in reserve.

Traders mostly took their cue from New York, which was hit by news that the European Central Bank would not allow Greek lenders to use government bonds to borrow cash, cutting off much needed access to liquidity.

Tokyo tumbled 1.00 per cent despite a surge of more than 10 per cent in Sony, while Sydney, which has risen for the past 10 sessions, was 0.15 per cent higher. Seoul shed 0.76 per cent and Taipei lost 0.32 per cent, while Singapore dipped 0.50 per cent.

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