The stock market results were mixed when it opened on Monday. On one hand, the traders saw a negative momentum as the euro slipped to against dollar to the lowest level in two weeks. At the same time, there was a surge in the Philippine Stock Exchange Index and Indonesian stocks, while several equity markets in Asia did were not open due to public holidays.
The euro traded at $1.3325, which indicated much apparent European risks. The European currency was trading at 123.85 yen, lower against the USD for the past three days. As per recent reports, European finance ministers will be meeting in Brussels to examine the situation emerging after the corruption charges in Spain, elections in Italy and the aid given to Cyprus and Greece.
Yen came out strong against other currencies, even as the monetary policy of the Bank of Japan was a bit more lenient for 2013. Thailand’s baht saw a decline as it traded at 29.94 ahead of the chances of the Central Bank coming up with some major steps to alter foreign funds flow into regional assets.
The Standard & Poor’s 500 Index futures maintained its position in early morning. The S&P/ASX 200 Index in Australia and NZX 50 of New Zealand slipped by 0.2 % and 0.1 %, in that order. Both Philippine Stock Exchange Index and Jakarta Composite Index saw a surge of around 0.3 %. The Indian Sensex rallied by 0.1 %, while the 30 day average trading of Indian and Indonesian gauges saw a drop of around 17 %. The MSCI Emerging Markets Index remained constant at 1,060.73.
The S&P 500 rose by 6.4 percent this year to reach the best mark since November 2007. The boost can be attributed to the budget compromise between the U.S. lawmakers and the profits made by companies, which was higher than the predicted amount.
The Australian dollar fell by 0.2 % to trade at $1.0302, the lowest since October. The home loans in Australia slipped by 1.5 % in the month of December, while it declined by 0.7 % last month. Corn went down by 0.5 % to trade at $7.06 a bushel. Traders saw a silver lining amidst the negativities, as Silver rallied by 0.2 % and traded at $31.48 an ounce.