Unicorn Ventures Comments as Asian Markets Fall Sharply On Subprime Fears
Unicorn Ventures, the Lisbon based private equity firm, comment after Japan's benchmark Nikkei index fell 2.5 percent on renewed concerns of the credit market turmoil.
/24-7PressRelease/ - January 30, 2008 - Following recent reports that Asian markets had fallen sharply after Wall Street declined on renewed concerns about U.S. mortgage problems, a spokesperson for Unicorn Ventures apparently commented that, for the U.S. economy, the risk of recession could be increasing toward the end of the year amid ongoing subprime loan problems. He reportedly added that this, combined with higher oil prices, may prompt many investors to sell the dollar.
According to a source, Unicorn Ventures researchers revealed that Major Banks had recently warned of further losses in their debt portfolios, raising investor concerns that the credit market slump is showing no signs of abating.
Japanese traders sold exporter issues on the strengthening yen, which is at its highest levels against the dollar in 18 months.
Analysts at Unicorn Ventures are reportedly of the opinion that a stronger yen makes the exporters' goods less competitive overseas and cuts into their foreign earnings.
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