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Asian stocks fall on Europe bank worries
PAMELA SAMPSON
(The Associated Press)

11.38.14PM (ET) Wednesday,December 28,2011.

BANGKOK (AP) — Asian stock markets slumped Thursday amid new signs of pressure on Europe's banking system and a downturn on Wall Street.

Benchmark oil lingered above $99 per barrel while the dollar rose against the euro but fell against the yen.

Japan's Nikkei 225 index fell 0.7 percent to 8,362.33. South Korea's Kospi lost 0.1 percent to 1,823.44 and Hong Kong's Hang Seng Index was 0.9 percent lower at 18,348.95.

Benchmarks in Singapore, Taiwan and Indonesia were also lower, while Malaysia and the Philippines rose and mainland China was mostly flat. Overall, stock markets were quieter than normal as many traders go on vacation the week between Christmas and New Year's.

Investor sentiment waned hours after the European Central Bank said banks had parked $590.72 billion with it overnight, surpassing the record set only Monday. That means European banks were less willing to take the risk of making short-term loans to each other, opting instead to earn low interest rates from the ECB.

The move shook confidence in the euro currency, which on Wednesday dropped to $1.2910 — its lowest level against the dollar in nearly a year — before recovering slightly.

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Should we be nervous ?

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