FXstreet.com (Barcelona) - Asian markets have posted losses on Monday, starting the week in the same pace they ended last week, falling corporate earnings and weak economic indicators have fuelled a wave of pessimism about the global downturn.
Tokyo Nikkei index has lost 2.3, with Hitachi shares tumbling 16% of their value after the release of the projection of a record loss. Mizuho lost 6.6% on the back of its second consecutive quarter loss, and the same accounts for Mitsubishi electronics, whose shares have dropped 7.9% on lower profit forecasts.
Hong Kong's Hang Seng Index has also declined, 2,8%, while Shangai's Composite Index added 0.5%. The MSCI Asia Pacific Index has 2.3%.
Dollar rallies againt Euro and Pound
The Euro and Pound have both opened the week with losses, while The USD JPY continues trading in a narrow range. The EUR/USD has dropped below the 1.2760 (Jan 23 low) in Asian Trade session, opening the path towards 1.2557 area, (Dic 2 and Dic 4 low), nevertheless, the euro is overbought in the Daily and 4 hours charts, thus, it could well bounce up to higher levels in European session.
The GBP/USD has also opened the week on a weak tone, giving away, in the Asian session timeframe, some of the ground gained in last week's rally. The Pound has dropped about 210 pips dropping below 1.4353, dic 31 low. The USD/JPY continues trading in a narrow range between 89.5 and 90.0