2012.06.18 08:05:28 *Austria's Chancellor: Greek People Need Air To Breathe-Report

0605 GMT [Dow Jones] ASIAN SUMMARY: Regional markets are mostly higher
as investors cheer Sunday's electoral victory for Greece's pro-bailout
New Democracy party; the Nikkei is up 0.3%, the S&P/ASX jumps 1.9%,
the HSI advances 1.0%, the Kospi adds 1.6%, the Taiex climbs 1.8%, the
Shanghai Composite is 0.4% higher, the STI rises 1.0%, and the NZX-50
tacks on 0.3%. The Sensex bucks the trend and slides 0.8% after the
RBI unexpectedly holds rates steady. In FX markets, the EUR is higher
against the USD and JPY following Greece's election results. However,
positive momentum has eased as relief gave way to renewed caution as a
coalition government cobbled together by the pro-bailout New Democracy
party could be fragile and short-lived. The EUR/USD is at 1.2709 from
1.2640 late Friday in New York, the EUR/JPY is at 100.63 from 99.55,
and the USD/JPY is at 79.17 from 78.78. The RBI unexpectedly holds its
key interest rate unchanged at 4.75%; eleven of the 16 economists
polled by Dow Jones had predicted a 25 basis point rate cut, while two
were expecting a 50 basis-point reduction. The South Korean government
will cut its 2012 economic growth forecast to 3.4% from 3.7% due to a
further weakening in the global economy, the Korea Economic Daily
reports citing an unidentified government official. Average property
prices in 70 Chinese cities decline in May at a gentler pace for a
second consecutive month, as developers make fewer price cuts in
anticipation that a bottom in prices may be in sight. China's economy
will see stabilizing signals in the middle of this year and the
economy could reverse its slowing economic growth pace and pick up in
the second half, a state economist says in a commentary published by
the Shanghai Securities News. Spot gold is at $1,622.50, down $4.20
from the NY close. July Nymex crude oil futures are up 80 cents at
$84.83/bbl. (john.phillips@dowjones.com)


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(END) Dow Jones Newswires

June 18, 2012 02:05 ET (06:05 GMT)