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Asia Stocks Drop, Euro Weakens Before Meeting

This article was posted on Oct 3, 2011 and is filed under Market News

Asia stocks dropped, following the regional index’s biggest quarterly loss since 2008, and the euro fell to an eight-month low against the dollar before European finance ministers gather to weigh the threat of a Greek default. Oil traded below $80 a barrel and copper sank a fourth day.

The MSCI Asia Pacific Index declined 1.4 percent at 9:38 a.m. in Tokyo. Standard & Poor’s 500 Index futures retreated 0.2 percent. Europe’s shared currency dropped 0.2 percent to $1.3363 after declining to $1.3322, the weakest level since Jan. 18. Crude sank 1.1 percent to $78.31 a barrel in New York, while copper lost 1.7 percent to $6,900 a metric ton in London.

European officials gathering in Luxembourg today will grapple with how to shield banks from the debt crisis and consider a further boost to the region’s rescue fund. The Greek government said yesterday it approved 6.6 billion euros ($8.8 billion) of austerity measures as part of efforts to secure a pending aid payment and a second rescue package. U.S. factories probably grew last month at the slowest pace since July 2009, economists surveyed by Bloomberg said. For more visit: Bloomberg.com

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