“Disappointing” summit


The course of the euro has easily slipped off on Monday after the meeting expected with tension of the euro-Ministers of Finance to the Greece crisis. In early trade the communal currency stood with 1.4236 US dollars.
A dollar cost with it 0.7023 euros. The European central bank (EZB) had the authoritative course on Friday on 1.4270 (Thursday: 1.4088) dollar settled.
Disappointment after ministerial meetingExperts of the German Commerzbank explained the course losses of the euro with a disappointing exit of the meeting of the Ministers of Finance of the euro-zone. In the final statement one says only that „the ministers will fix the parametres of a clear new financing strategy“ early in July. The euro could keep after this „thin food“ not about the brand of 1.43, one said of the Commerzbank.
Who has thought after the approach of the last Friday between the German chancellor Angela Merkel and president of France Nicolas Sarkozy, now there will be quick progress with the Greece rescue, was disappointed thoroughly.
Oil prices rattle in the cellarThe oil prices sank on Monday because of the worry before an other pointing of the debt crisis and one abating of the world economy hard. In Asian trade the price of 1 barrel (159 litres) of the North Sea kind Brent fell for the delivery in August about 1.14 dollars on 112.07 dollars (78.54 euros). The price of a barrel of crude oil of the US-authoritative kind of west Texas Intermediate (WTI) sank by 1.39 dollars on 92.01 dollars (64.48 euros).
At the raw material markets the struggle of the euro-states to the defence of a state bankruptcy in Greece is at the beginning of the new commercial week all dominating subject, one said of experts. A pointing of the crisis could lead to one abating of the world economy and to a lower inquiry for crude oil. Besides, a row of unexpectedly weak economic data from the USA has poked the worry before a sinking inquiry at the oil markets.
Positive mood in TokyoHopes for a solution of the Greek debt crisis inspired on Monday against it the Japanese stock market. Of 225 values comprehensive Nikkei index won at the end of morning trade 0.6 percent on 9.407 points. The broader calm TOPIX increased to 0.7 percent on 811 points.
Indeed, the impetus was probably owed rather to an “outdated” news state: The Tokioter stock exchange reacted not to the night special meeting of the euro-Ministers of Finance, but referred rather to the common appearance of Merkel and Sarkozy of Friday after which private believers should be pulled up only voluntarily for the help in the Greece crisis. „However, in view of the quickly changing headlines and to each other of contradicting explanations she might be only passing“, stressed analyst Hideyuki Ishiguro von Okasan Securities.

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