Asia shares fall on US woes, ECB hopes boost euro

August 8, 2011 04:22

SINGAPORE - Asian shares fell on Monday and the dollar languished near a record low against the Swiss franc, as investors took fright at a downgrade of the US credit rating, while gold powered to another record just short of $1,690 an ounce.

The euro jumped on hopes the European Central Bank will start aggressively buying the bonds of Italy and Spain, the latest nations threatened by the euro zone's growing sovereign debt crisis.

Also hoping to soothe market jitters following one of the worst routs since the dark weeks following the collapse of Lehman Brothers in 2008, G7 finance leaders agreed to offer ample liquidity to stabilize markets if needed.

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