Australia | Mar 22 2013
Download related file: afternoon_report_2013-03-22
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
Asian stocks slump on the ECB’s Cyprus deadline
Asian stocks slumped today as the euro traded 0.6% from a four-month low after the European Central Bank (ECB) gave Cyprus until the start of next week to agree to a bailout package or lose emergency funding. Euro-zone finance ministers expect a proposal from Cyprus “as rapidly as possible” to raise the €5.8 billion needed to trigger the emergency loans.
In regional markets today, Bridgestone, a tire manufacturer that gets more than 75% of its sales from exports, fell 3.1% as the yen strengthened on safe haven demand.
Billabong International ((BBG)) recouped some of yesterday’s 14% loss after saying two potential bidders are still interested in the company. Altamont Capital Partners and VF Corp. on one side and Sycamore Partners Management and Billabong Americas head Paul Naude on the other have said they may offer A$1.10 a share for BBG.
Leighton Holdings ((LEI)) slumped 6.9% after Chairman Stephen Johns resigned.
To read today's report in PDF in full, see link at the top of this story.
(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
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