FXstreet.com (Barcelona) - Asian markets have gone through losses on Wednesday, following U.S. markets and on the Back of Alcoa opening the U.S. earnings season on weak note. The Euro has tumbled.
Tokyo Nikkei Index has posted losses by 2.0% while Hong Kong's Hang Seng Index dropped 2.6% and South Korean Kospi Index declined 1.9%.
Alcoa, aluminum producer, kicked off yesterday U.S. earnings season publishing an operating loss of 59 cents on share, worst than expected, on the back of a sharp drop in aluminum prices. Investors wonder whether the start of the earnings season will put an end to the rally we have been seen in stock markets during last weeks.
Euro drops sharply
Of all majors, the Euro has been the hardest hit on Asian session, after having reached levels close to 1.3300 on Tuesday's early Asian session, the Euro has declined 0.64% to low levels around 1.3165, to trade at levels around 1.3180 ahead of the Europe4an session opening.
GBP/USD has also declined although not as much as the Euro. From 1.4765 high yesterday, the Pound declined in Asian session to a low at 1.4660, and has been trading, ever since, between there and 1.4700.
USD/JPY has declined slightly although the Dollar has managed to hold above the 99.90 support level so far.