While investors worried about the debt crisis continues to spread in Europe on the occasion, gave some of the tension brought about a new global financial market shocks. 23, North and South Korea in the disputed northern boundary an exchange of fire near the Bank of Korea held an emergency meeting soon to address the exchange of fire may lead to financial market swings.
Tension on the Korean Peninsula is heating up again to bring new financial market shocks, the Asian trading session 23, the won fell sharply against the U.S. dollar, the general decline in the Asia Pacific stock markets, European stock markets opened slightly lower.
Limited economic impact of conflict on the Korean
South Korean Defense Ministry press office said the South Korean coast of the western extension of artillery was shelling the island floor, shelling continued for a long time. Military sources said that North Korea fired 100 shells, the Korean military to hit back immediately. South Korean President Lee Myung bak convened an emergency security meeting on this, the Air Force issued the highest alert and sent warplanes over the island over the relevant. Lee ordered, be sure to control the Korean friction is no longer expanding.
A senior South Korean government official said the government will convene on Wednesday morning by a senior official responsible for economic policy to participate in meetings to assess the economic impact of the event, attended by officials, including the Korea Financial Services Commission, Ministry of Knowledge Economy, Korea Central and South Korean officials from an international financial center. South Korean Ministry of Finance, 23, said the government would continue to monitor the financial markets turmoil, if so, the Government will take timely response. However, the exchange of fire would not have a significant impact on the domestic economy. South Korean Finance Minister Yoon Jeung hyun also said that the incident may be increased in the short term fluctuations in financial and foreign exchange markets, but Korean conflict on the Korean economy was limited.
Standard & Poor s rating agency said that if the tension on the Korean Peninsula, it will re evaluate Korea s ratings. Fitch sovereign analyst Colquhoun said that if the Korean hostilities Korean credit rating upgrade will cause serious adverse effects, but he believes that state of affairs is unlikely to continue to deteriorate.
Market as one of the earthquake
By the Korean conflict, 23, a general fall in stock markets in Asia Pacific, MSCI Asia Pacific Index fell 1.9 . Korea Composite Stock Price Index of the stock market fell 0.79 to close at 1928.94 points. Hong Kong Hang Seng Index fell 2.67 to close at 22,896.14 points. Australia s benchmark S & P / ASX 200 index fell 1.2 to close at 4589.1 points. Singapore s Straits Times Index fell 2.02 to close at 3126.3 points.
Korean tensions dampened market sentiment, the two sides, plus the European market is still worried about the debt crisis will spread to countries such as Portugal and Spain, European stocks opened slightly lower 23, all three major indices intraday decline about 0.5 . Risk aversion also pushed the international price of gold back above $ 1,360 an ounce.
In currencies, the Asian trading session 23, the won fell sharply against the dollar, nearly 1 . And the dollar has crashed rebound, the dollar index briefly exceeded 79 levels. United Overseas Bank economist Ho Woei Chen said the recent Asian currency crisis due to weakness in the debt of Ireland, Korean conflict also accelerated the decline in Asian currencies. However, some analysts have said the limited impact of inter Korean conflict, the U.S. dollar rebound, or just flash in the pan.
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