LONDON - fears of interest-rate increases in China weighed on world markets Wednesday, while the euro led to the heights of 18 months against the dollar despite the confirmation of a rescue of 115 billion for the Portugal.
Following a further increase in interest rates by the Central Bank of the India, people's Bank of China has expressed continuing concerns about inflation, feeding speculation that he may raise the interest rates again in the coming months.
"Most Chinese fears political monetary tightening are linked with the poor tone after the Bank of China said of price stabilization is critical," said Jane Foley, an analyst with Rabobank International.
Accordingly, Chinese shares were the big losers Wednesday with shares of mainland China showing their largest loss of more than two months. Of Shanghai Composite index has fallen by 2.3% to 2,866.02, then that index Composite's Shenzhen lost 2.2 per cent to 1,187.28. Shares in the oil, coal and real estate industries weakened.
This selling pressure continued in the European session. FTSE 100 Britain fell by 0.8% to 6,036, Germany of DAX dropped 0.2% in 7,483. The CAC 40 in France was 0.1% lower than the 4,093.
Wall Street led to a fairly flat opening - future Dow increased by 0.1% to 12,764, while the broader Standard & Poor 500 future rose by a rate similar to inhabitants. On Tuesday, U.S. stocks have mastered after disappointing earnings from Pfizer, the world largest drug manufacturer, Molson Coors Brewing Co. and Beazer homes.
The main point of attention to the later United States will be the monthly report on the jobs of ADP payroll firm, which may provide investors an overview of the report of the main Government of Friday for April, which often sets the tone in the markets for a week or two.
In Europe, this week will be emphasis on the decisions of the central bank interest rate European, and the Bank of England. Nor should change interest rates, although the ECB should indicate Thursday that he will follow April rates first increase in three years with another place in June.
This belief reinforced the euro in the past few months despite the problems of the current debt, including Greece, Ireland and Portugal. While the ECB is poised to raise interest rates again in the coming months, the Federal Reserve showed a few signs that it is ready to lift its super-low interest rates. That is added to the recent weakness of the dollar against the euro.
Late morning London time, the euro was 0.2 per cent higher at $1.4855, not very far off the coast of its high of 18 months just above $ 1.49.
The euro has acquired despite figures showing a decline of 1% of sales at retail in the 17 countries that use the euro in March and confirmation that Portugal has agreed to a euro78 billion ($115 billion) bailout of its partners in the European Union and the Monetary Fund International.
"For the foreign exchange markets, the details of the terms of bailout of the Portugal are little relevance with the emphasis still strongly divergent policies between the United States and elsewhere,"said Derek Halpenny, global European research head of currency at the Bank of Tokyo-Mitsubishi UFJ.""
While the European Central Bank is poised to raise interest rates again in the coming months, the US Federal Reserve does not concern as it will change its super-low if borrowing costs soon.
Elsewhere in Asia, Hang Seng Hong Kong index dropped 1.4% to 23,315.24, while ABN Korea in the South were dropped by 0.9% to 2,180.64. The Japan markets were closed for a holiday.
In oil markets, benchmark crude for June delivery was down 7 cents to $110.98 US per barrel in electronic trade on the New York Mercantile Exchange. The contract fell $ 2.47 in $111.05 Tuesday.
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Pamela Sampson in Bangkok contributed to this report.
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