Almost $4 trillion has been wiped from global equity markets in May amid mounting concern that Greece will have to leave the euro currency union after elections next month.
ADR Premium to BRICs Narrows on Europe Concerns: China Overnight - Bloomberg
Canada’s dollar dropped the most since November, falling for a third straight week as concern Europe’s debt crisis will worsen overshadowed government data showing inflation and factory sales rose more than forecast.
Canada Currency Tumbles as Europe Crisis Overshadows Data - Bloomberg
The Bloomberg-JPMorgan Asia Dollar Index fell 0.9 percent this week as global funds pulled about $1.9 billion from stocks in South Korea and Taiwan. The won and Malaysia’s ringgit saw their biggest losses since September, while India’s rupee sank to an all-time low. Greece’s credit rating was cut by Fitch Ratings May 17 on concern the country will leave the euro, while Moody’s Investors Service downgraded 16 Spanish banks and 26 Italian lenders this week.
The won fell 2.2 percent from its May 11 close to 1,172.73 per dollar in Seoul, according to data compiled by Bloomberg. The ringgit dropped 2 percent to 3.1350 in Kuala Lumpur. The rupee slid 1.5 percent to 54.4250 and Indonesia’s rupiah weakened 1.2 percent to 9,356.
Asian Currencies Fall Most Since November as Europe Risks Mount - Bloomberg
2012 and Europe is messed up. All stock indices are falling bigtime.