Tag: reuters

Asia stocks slide as economy fears rattle markets

Completion of a last-gasp deal to avoid a U.S. default failed to bring any relief, as investors focused instead on how tighter fiscal policy could constrict U.S. growth and Europe’s debt crisis was still worsening.

U.S. consumer spending fell in June for the first time in nearly two years and incomes barely rose, signs that the economy lacked momentum as the second quarter drew to a close, data on Tuesday showed.

Taiwan, where about half of the equity market cap is in the technology sector, has been the biggest target of downward EPS revisions in Asia Pacific, according to Thomson Reuters StarMine SmartEstimates, which gives a greater weighting to the more accurate forecasters.

Asia stocks slide as economy fears rattle markets | Reuters.

Bank of Korea buys gold for first time since ’97-’98 crisis

The Bank of Korea said in a statement on Tuesday it bought 25 tons of gold over the past two months, raising its gold holding to 39.4 tons, or 0.4% of its total reserves.

China, which ranks 6th globally, the biggest among Asian banks with 1,054.1 tons, equivalent to 1.6% of its entire reserves.

Japan, No. 9 globally, has 765.2 tons of gold, or 3.3% of its total reserves, and 11th-ranked India has 557.7 tons, or 8.7%.

Bank of Korea buys gold for first time since ’97-’98 crisis | Reuters.