Monday, November 5, 2012

Asian Stocks Fall, Euro Weakens While Gold Snaps Two-Day Decline

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Asian Stocks Fall, Euro Weakens While Gold Snaps Two-Day Decline
2012-11-05 00:40:57.183 GMT


By Richard Frost and Adam Haigh
Nov. 5 (Bloomberg) -- Asian stocks fell and the euro
touched a one-month low amid concern that Greece will struggle
to secure a bailout and as U.S. voters prepare to choose a
president. Gold rose for the first time in three days.
The MSCI Asia Pacific Index dropped 0.4 percent at 9:12
a.m. Tokyo time and futures on the Standard & Poor's 500 Index
retreated 0.1 percent. The euro reached $1.2815, the lowest
since Oct. 1, while the won weakened 0.1 percent to 1,091.85 per
dollar. Gold futures increased 0.2 percent.
European leaders' determination to keep Greece in the euro
area will be tested this week as Prime Minister Antonis Samaras
struggles to win political support for measures needed to obtain
aid. Data released over the past three days showed China's non-
manufacturing industries rebounded from the slowest expansion in
at least 19 months, while hiring in the U.S. increased more than
forecast in October.
"Policy uncertainty, particularly fiscal and regulatory,
has held the market back to date," said George Boubouras,
Melbourne-based head of investment strategy at UBS AG's
Australian wealth-management unit. The Swiss bank oversees about
$1.5 trillion.
Samaras pledged on Nov. 4 that the raft of wage and pension
cuts in the latest austerity package will be the final one and
that Greek society won't tolerate any more, according to
comments made to lawmakers of his New Democracy party. The first
parliamentary vote in Athens may come as early as Nov. 7.
The U.S. employment data was the last before tomorrow's
election, as voters decide between giving President Barack Obama
another four years in office or changing course with Republican
challenger Mitt Romney. China's purchasing managers' index rose
to 55.5 in October from 53.7 the previous month, the National
Bureau of Statistics and China Federation of Logistics and
Purchasing said in Beijing on Nov. 3.
The Nikkei 225 Stock Average fell 0.3 percent. Sharp Corp.
dropped 3.6 percent on speculation the electronics maker will
seek a bailout after forecasting a record loss.

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