Asian equities decline after Greek Prime Minister steps down

Source: Marketwatch
© Scanpix/NYT
Asian stocks experienced a drop on Monday.  Both Australia's S&P/ASX 200 index and Japan's Nikkei Stock Average fell by 0.5%, while South Korea's Kospi declined 0.4%. China's Shanghai Composite lost 0.3%, whereas Hong Kong's Hang and Seng traded down 0.2%. According to Tom Kaan, Louis Capital Markets manager of equity trading, Asian investors are concerned with ongoing events in Europe as Greek PM agreed to resign.

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Mon, 07 Nov 2011 09:52:58 GMT

George Papandreou steps down

Greek Prime Minister George Papandreou has confirmed his resignation. Papandreou and Antonis Samaras, leader of opposition, have agreed to create a national unity government to provide the execution of European Council bailout programme. According to Papandreou and Samaras, new elections will be held straight away after the completion of EU bailout plan. Both officials will meet on Monday to select the next prime minister.

Mon, 07 Nov 2011 09:47:59 GMT

China's ICBC executive expects Fed to proceed with QE3

Chief executive of Industrial & Commercial Bank of China Ltd., Jiang Jianqing, said that worries over the nation's real estate market are overstated and that the Fed is likely to introduce next round of quantitative easing to stimulate U.S. economic growth.

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