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A trader at the foreign exchange room of the Korean Exchange Bank in Seoul reacts to Friday's trading. AP Photo/Lee Jin-man/PA

Asian markets fall on Greek debt fears as eurozone inflation hits 3 per cent

The eurozone inflation jump suggests the ECB may hold off on cutting interest rates this week.

ASIAN MARKETS tumbled sharply in early trading today, hurt by data suggesting debt-strapped Greece’s attempts at austerity were not yielding results and a weakening economic picture in Europe.

Japan’s Nikkei 225 fell 2.3 per cent to 8,503.88, with a government survey showing an improvement in business confidence among Japanese manufacturers doing little to nudge markets back to life. Hong Kong’s Hang Seng index fell 4.1 per cent to 16,866.76. Australia’s S&P ASX 200 fell 2.2 per cent to 3,921.90.

Markets in mainland China and South Korea were closed for national holidays.

Eurozone inflation

A deeper-than-expected recession prevented Greece from meeting this year’s deficit target of 7.8 per cent, the government said over the weekend. Greece’s deficit for 2011-2012 is expected to reach 8.5 per cent of gross domestic product, or €18.69 billion.

Meanwhile, inflation jumped to a startling 3 per cent in September in the 17 countries that use the euro. The increase was a surprise that makes it less likely the European Central Bank will cut interest rates this week to head off a possible recession.

The rate reported Friday from the European Union’s statistics agency was the highest since October 2008 and represented a big increase from August’s 2.5 per cent.

The ECB, the chief monetary authority for the euro countries, has come under pressure to cut interest rates soon to ward off mounting signs of recession in the eurozone economy.

Oil price down

Benchmark oil for November delivery fell 69 cents to $78.51 per barrel on the New York Mercantile Exchange.

The contract closed down $2.94, or 3.6 per cent, to end the day at $79.20 per barrel in New York. Prices haven’t finished that low since 29 September 2010. Crude peaked near $114 a barrel in May of this year but has since fallen 31 per cent as worries grow about the global economy.

Ministers scramble to Luxembourg as Greece admits it will miss bailout targets >

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3 Comments
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    Mute Joan Needham
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    Feb 10th 2016, 10:49 PM

    I let my 8yr old son take a day off school last year to spend it watching silage being cut. When I asked him what he was going to tell his teacher the next day, he told me he would tell him he spent the day doing work experience…I couldnt argue with that! I had to take the day off work as a paid holiday to sit with him watching the tractors going by. It was a great memory day for him and me.

    272
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    Mute Paul Somers
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    Feb 11th 2016, 12:11 AM

    Next time approach a farmer, fairly sure he will let you help, farmers go unnoticed by so many.

    88
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    Mute Matt Donovan
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    Feb 10th 2016, 10:38 PM

    That’s the kind of Dad I want to be with my daughter.

    123
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    Mute Papasmurf
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    Feb 10th 2016, 10:42 PM

    It would be really funny if it was convent with a mother superior type reading it.

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    Mute Papasmurf
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    Feb 10th 2016, 10:43 PM

    Matt, if it was Ireland the kid wouldn’t have made it in at all as they would have all headed back to the residents bar in the hotel for a tipple afterwards.

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    Mute Anne O'Hara
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    Feb 10th 2016, 10:39 PM

    The Boss does a show that’s worth the money and more. Fair play to Dad :-)

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    Mute tmwtbc
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    Feb 10th 2016, 10:48 PM

    Friend of mine, not a fan until then, went to see him in Dublin around 2010 (open to correction). Met him in a bar for a few pints afterwards and he was absolutely blown away.

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    Mute nf
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    Feb 10th 2016, 10:36 PM

    I wanna be that dad

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    Mute Johnneary
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    Feb 10th 2016, 11:39 PM

    Bruce Shillingsteal.
    The Caviar Denim Whingebag.

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    Mute Jamie McCormack
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    Feb 10th 2016, 10:48 PM

    Been lucky enough to see the Boss play live, no-one does a show like him. Puts his heart and soul into every classic and is coolness personified. Isabelle will carry that buzz forever. Cool Dad.

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    Mute Papasmurf
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    Feb 10th 2016, 10:52 PM

    Willie Nelson is known to keep going too at gigs.

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    Mute Colette Kearns
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    Feb 10th 2016, 11:35 PM

    I gave my son the day off after going to see u2 because he called me to ask could he go on to the after party, first told him he would have to go in to school in the morning, then called him back 5 mins later to let him know he didn’t! Thease are special memories for them, allow them to enjoy them. As they say you only live once!! :-)

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    Mute margaret donohoe
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    Feb 10th 2016, 10:47 PM

    Amazing dad fair play to him.

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    Mute Lad
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    Feb 10th 2016, 10:41 PM

    Letter to work sorted..

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    Mute Tom
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    Feb 10th 2016, 11:36 PM

    Smacks of over sharing, it would be nice if it was their own private experience rather than him claiming it publicly.

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    Mute The Guru
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    Feb 11th 2016, 2:03 AM

    They’re American. They have no concept of over sharing.

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    Mute Colette Kearns
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    Feb 11th 2016, 1:31 AM

    Agh Benny & Tom would you both lighten up! This is about a father & daughter having a great evening out & his daughter having/making a memory that will stay with her all her life! X

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    Mute Jimmy Dunphy
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    Feb 11th 2016, 12:02 AM

    There’s going to be a whole lot of 12 year olds at the next Bruce Springsteen concerts

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    Mute gerry meagher
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    Feb 11th 2016, 1:45 AM

    Mine won’t go ‘dad rock’ ffs

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    Mute Benny Dorm
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    Feb 10th 2016, 10:56 PM

    Nothing spectacular.

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    Mute gerry meagher
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    Feb 10th 2016, 11:11 PM

    Greatest live act prices are a bit steep though although all acts seem to charge more here than rest of Europe citing extra costs logistics etc

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    Mute alpha_chaarlie
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    Feb 11th 2016, 10:18 AM

    Bruce Springsteen is a Langer

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    Mute Derek McEvoy
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    Feb 11th 2016, 8:09 AM

    Thats class, the same man didnt even know about Brian Healys stag in Manchester next weekend. Strange or what. Imagine he knew about the water charges

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