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19.12.2011 16:32

Gold fell

Geopolitical tensions in East Asia, especially the Korean peninsula, increased as the North Korean media reported that its “Dear Leader” Kim Jong Il died. Asian stocks declined as the uncertainty arose after the Kim's death, such as how long would Kim Jong Un (Kim Jong Il's son) stay in power, the flee of refugee from North Korea to nearby countries including South Korea and Japan and possibility of reunification of the 2 Koreas, may cause instability in the region. Most Asian bourses fell with the Seoul Composite plunging more than -4% because of the news.

Investors fled to safe-haven assets and the US dollar was obviously their shelter. The market lost interests in Japanese yen this time as Japan is geographically near North Korea. Should Kim's death triggered destabilization in the region, Japan would have to suffer. Indeed, Japan's Prime Minister Yoshihiko Noda said that a crisis management team on North Korea has been set up today so as to verify the announcement of Kim's death and to gauge its implications.

Besides the news, the financial market continued to be pressured by the gloomy outlook in the Eurozone. Fitch Ratings lowered France's credit outlook to negative despite affirmation of the AAA rating. It warned that credit ratings of Belgium, Spain, Slovenia, Italy, Ireland and Cyprus may be cut. Meanwhile, Moody's cut Belgium by 2 notches to Aa3, with a negative outlook, on Friday, citing the contingent liabilities from the Dexia bailout, sluggish economic growth and increasing borrowing costs were major threats of the country's debts.

On the dataflow, the US' NAHB housing market index probably stayed in 20 in December. In China, November's house price index was so far the worst this year. According to the national statistic bureau, new home prices in 49 of the 70 cities monitored fell on monthly basis in November, while 33 cities reported declines in October.

Today, December gold futures on the Comex in New York fall to 1590.50 doll per troy ounce.

19.12.2011 16:19

Oil declined

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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