Glum comments from Fed chief add to market worries
* Asia ex-Japan stocks down 1 pct, Nikkie slips 0.4 pct
* U.S. slowdown continues to weigh on dollar
* German fin min warns of Greek insolvency
Asian stocks fell on Wednesday and the dollar sagged after uninspiring comments from U.S. Federal Reserve Chairman Ben Bernanke added to worries about the slowing global economy.
Bernanke acknowledged an economic slowdown in the United States, but offered no suggestion of further stimulus to support growth, souring sentiment across equity markets and towards the dollar as investors expect U.S. interest rates to remain low for a longer period of time.[ID:nW1E7GV010]
The dollar fell to a one-month low below 79.92 yen as speculative selling pressure intensified after a series of stop-loss orders were triggered around 80 yen.
The Nikkei average fell 0.4 percent, with gains in financials helping to temper weakness in other sectors.
MSCI's index of Asia-Pacific stocks outside Japan shed nearly 1 percent and looked set for its fifth straight losing session. Consumer discretionary and resources shares continued to see the heaviest selling on fears of cooling demand.
OIL EXTENDS SLIDE
Brent crude LCOc1 was off 0.8 percent at $115.83 a barrel, after gaining $2.30 on Tuesday. Investors are trying to assess whether OPEC will raise production targets.
Gold slipped to $1,540 but analysts see plenty of room for its continued rise as investors retreat from riskier assets.
Gold is still well below a lifetime high around $1,575 touched in early May, but with the U.S. dollar under pressure, equities markets falling and the debt crisis in Europe far from over, bullion continues to be one of the chief beneficiaries of the latest bout of market volatility
* Asia ex-Japan stocks down 1 pct, Nikkie slips 0.4 pct
* U.S. slowdown continues to weigh on dollar
* German fin min warns of Greek insolvency
Asian stocks fell on Wednesday and the dollar sagged after uninspiring comments from U.S. Federal Reserve Chairman Ben Bernanke added to worries about the slowing global economy.
Bernanke acknowledged an economic slowdown in the United States, but offered no suggestion of further stimulus to support growth, souring sentiment across equity markets and towards the dollar as investors expect U.S. interest rates to remain low for a longer period of time.[ID:nW1E7GV010]
The dollar fell to a one-month low below 79.92 yen as speculative selling pressure intensified after a series of stop-loss orders were triggered around 80 yen.
The Nikkei average fell 0.4 percent, with gains in financials helping to temper weakness in other sectors.
MSCI's index of Asia-Pacific stocks outside Japan shed nearly 1 percent and looked set for its fifth straight losing session. Consumer discretionary and resources shares continued to see the heaviest selling on fears of cooling demand.
OIL EXTENDS SLIDE
Brent crude LCOc1 was off 0.8 percent at $115.83 a barrel, after gaining $2.30 on Tuesday. Investors are trying to assess whether OPEC will raise production targets.
Gold slipped to $1,540 but analysts see plenty of room for its continued rise as investors retreat from riskier assets.
Gold is still well below a lifetime high around $1,575 touched in early May, but with the U.S. dollar under pressure, equities markets falling and the debt crisis in Europe far from over, bullion continues to be one of the chief beneficiaries of the latest bout of market volatility
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