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Asian shares down on euro debt fears

Tuesday, September 06, 2011 - 02:00

Sept. 6 - Asian shares fell and the euro slipped on Tuesday amid fears that Europe's sovereign debt troubles are worsening and could trigger a second full-blown banking crisis. Toshi Maeda reports.

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Shares across Asia fell Tuesday (September 6) on fears that Europe's sovereign debt troubles are worsening and could trigger a second full-blown banking crisis. Tokyo's Nikkei fell 2.2 percent to a six-month low after sovereign debt fears pummelled European stocks. That marked the lowest since March 15, when stocks were sold off after the earthquake and tsunami. MSCI's Index of Asia Pacific shares outside Japan was down more than 1 percent with the hardest-hit sectors being industrials, materials and financials. South Korea's Kospi index fell for a third straight session. World Bank President Robert Zoellick, who was visiting Singapore, said he, and IMF head Christine Lagarde, are worried about the ripple effects of the troubles in the euro zone and the U.S. economies. (SOUNDBITE) (English) WORLD BANK PRESIDENT ROBERT ZOELLICK, SAYING: "I don't believe that the United States and the world will go into a double-dip, but there's high degrees of uncertainty and I think that in the case of the U.S. economy that we're likely to see an ongoing slow growth, ongoing high unemployment, but the reason that I and others, Christine Lagarde, have been highlighting the events in the eurozone is that these can have ripple effects all around the world." Meanwhile, the market jitters pushed the euro lower . The single currency declined to a seven-week low against the dollar. Against the yen, the euro fell below 108 to its lowest since March. Meanwhile, U.S. Treasuries rose sharply in Asian trading Tuesday, with yields dropping to the lowest levels in at least 60 years. Gold, traditionally seen as a safe asset in times of uncertainty, rose to a new record above $1,919 an ounce. Toshi Maeda, Reuters.

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