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Asian stocks (MXAP) fell, oil declined and South Korea’s won weakened as concern about Europe’s debt crisis outweighed forecasts for gains in U.S. employment. The euro traded near a 15-month low versus the dollar.
The MSCI Asia Pacific Index (MXAP) slid 0.7 percent as of 10:55 a.m. in Tokyo, paring a third weekly gain. Standard & Poor’s 500 Index futures lost 0.1 percent. Oil retreated 0.3 percent and gold snapped a five-day winning streak. The won declined against all of its 16 major counterparts, while the euro bought $1.2795.
Data today is expected to show European retail sales fell in November and German factory orders declined, according to the median forecasts in Bloomberg surveys of economists. The U.S. economy probably generated 155,000 jobs in December, compared with 120,000 the previous month, based on estimates before a Labor Department report.
“Europe is going to be a headwind with all the bond auctions coming up,” said Belinda Allen, a Sydney-based senior investment analyst at Colonial First State Global Asset Management, which oversees about $145 billion. “Markets are a lot more comfortable with the U.S. economy at this point.”
France sold 7.96 billion euros ($10.2 billion) of debt yesterday in the country’s first bond auction of the year. Italy and Spain have auctions planned for next week as nations in the euro-region commence sales that may reach 262 billion euros in the first quarter, according to Deutsche Bank AG forecasts.
The MSCI Asia Pacific Index (MXAP) slid 0.7 percent as of 10:55 a.m. in Tokyo, paring a third weekly gain. Standard & Poor’s 500 Index futures lost 0.1 percent. Oil retreated 0.3 percent and gold snapped a five-day winning streak. The won declined against all of its 16 major counterparts, while the euro bought $1.2795.
Data today is expected to show European retail sales fell in November and German factory orders declined, according to the median forecasts in Bloomberg surveys of economists. The U.S. economy probably generated 155,000 jobs in December, compared with 120,000 the previous month, based on estimates before a Labor Department report.
“Europe is going to be a headwind with all the bond auctions coming up,” said Belinda Allen, a Sydney-based senior investment analyst at Colonial First State Global Asset Management, which oversees about $145 billion. “Markets are a lot more comfortable with the U.S. economy at this point.”
France sold 7.96 billion euros ($10.2 billion) of debt yesterday in the country’s first bond auction of the year. Italy and Spain have auctions planned for next week as nations in the euro-region commence sales that may reach 262 billion euros in the first quarter, according to Deutsche Bank AG forecasts.
