The Asian Development Bank said the Philippines and other developing countries in Asia have the capacity to remain stable in the event that the prolonged crisis in the eurozone should evolve into another global economic meltdown.
The Philippines has “domestic sources of strength” that will help it continue weathering the effects of the debt crisis in the eurozone even if the problem might worsen given speculations about Greece’s possible exit from the European Union.
Fitch Ratings said Asian countries, including the Philippines, will still feel the pinch of the eurozone debt crisis in 2012 but stressed that the impact would remain manageable given significant demand and liquidity in their domestic economies.
Asian shares were mixed in early trade on Tuesday with investors taking a breather from the previous day’s rally as they nervously await a crucial summit aimed at tackling the eurozone debt crisis.
The forex market again hung on the words and reports coming out of European crisis talks Monday, with a marginal bit of optimism pushing the euro up against the dollar.
Asian markets tumbled in early trade on Tuesday after ratings agency Moody’s warned France it may lower its credit rating, while Germany cast doubt on a plan to fix the eurozone’s debt crisis.
The US dollar gained against other major currencies on Friday, while the euro fell after a meeting of European finance ministers made little progress towards resolving the eurozone’s debt crisis.
Asia-Pacific stocks staged a smart opening rally Friday after the world’s most powerful central banks offered dollar supplies to benefit lenders under pressure from the eurozone debt crisis.
WASHINGTON — US President Barack Obama warned the world economy would remain weak until the eurozone crisis was solved, as market anxiety mounted over debt woes in Greece, Spain and Italy. In a roundtable interview with Hispanic journalists, Obama said that the United States was working with European states and authorities to help craft packages [...]
NEW YORK — Stocks in Europe and Asia plunged on Monday, while Wall Street posted a last-minute rally on a volatile day in which headlines about the eurozone’s debt crisis rattled markets. The Dow Jones Industrial Average was up 0.63 percent, while the broader S&P 500 climbed 0.70 percent and the tech-heavy Nasdaq Composite surged [...]
