Asian stocks take a tumble as euro reaches for the stars

Lola Evans
24 May 2022, 17:57 GMT+10

The euro has jumped above 1.0700 in Asian trading Tuesday, but stocks have fallen sharply.
The run higher in the euro was sparked by comments from ECB President Christine Lagarde.
The clamor for the euro saw the U.S. dollar sold off against a raft of currencies.

SYDNEY, NSW, Australia - The euro has jumped above 1.0700 in Asian trading Tuesday, but stocks have fallen sharply.

The run higher in the euro was sparked by comments from ECB President Christine Lagarde, who said rates are likely to return to positive territory at the end of the third quarter. The surge in the European Unit was also helped by economic data out of Germany showing business activity in the private sector expanding solidly in May.

The clamor for the euro saw the U.S. dollar sold off against a raft of currencies. The euro last traded around the Sydney close at 1.0731. The British pound strengthened to 1.2588. The Japanese yen was higher at 127.38. The Swiss franc surged to 0.9623.

The Canadian dollar was higher at 1.2788. The Australian dollar edged up to 0.7092. The New Zealand dollar rose to 0.6447.

In Tokyo, the Nikkei 225 tumbled 253.38 points or 0.94 percent to 26,748.14.

China's Shanghai Composite retreated 75.93 points or 2.41 percent to 3,070.93.

The Australian All Ordinaries fell 25.70 points or 0.35 percent to 7,373.20.

In New Zealand, the S&P/NZX 50 plummeted 69.43 points or 0.61 percent to 11,247.03.

South Korea's Kospi Index weakened by 41.51 points or 1.57 percent to 2,605.87.

In Hong Kong, the Hang Seng sank 357.96 points or 1.75 percent to close Tuesday at 20,112.10.

Overnight on Wall Street, the Dow Jones industrials did best, rising 618.34 points or 1.98 percent to 31,880.24.

The tech-laden Nasdaq Composite climbed 180.66 points or 1.59 percent to 11,535.27.

The Standard and Poor's 500 added 72.39 points or 1.86 percent to 11,535.27.

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