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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Euro slumps to two-month low on Ireland rescue, Korea fears AFP - 2 hours 48 minutes ago Send IM Story Print Euro slumps to two-month low on Ireland rescue, Korea fears LONDON (AFP) - – The euro slumped under 1.31 dollars to hit a fresh two-month low, stocks fell sharply and bond yields rose further on Monday as Ireland's 85-billion-euro bailout failed to dispel fears over the eurozone debt crisis. In late London deals, the euro was at 1.3090 dollars, after hitting 1.3064 dollars earlier for its lowest point since September 21. On Friday, the European single currency bought 1.3240 dollars. The European Union and International Monetary Fund on Sunday agreed to an 85-billion-euro (113-billion-dollar) deal for Ireland but the initial boost the announcement gave the euro faded on worries Spain and Portugal could be next in line. Focus: Irish banks handed immediate 10 billion bail-out Those worries also pushed up yields, or the return for investors, on bonds from weaker so-called eurozone peripheral countries and dented core countries as well. Europe's main stock markets fell sharply, with the London FTSE 100 index dropping 2.08 percent to close at 5,550.95 points. Timeline: Irish financial crisis In Paris, the CAC 40 shed 2.46 percent to 3,636.96 points while in Frankfurt the DAX lost 2.20 percent at 6,697.97 points. Dublin meanwhile finished up 0.03 percent, having earlier risen sharply as Irish investors applauded news of the bailout. Madrid fell 2.33 percent, Milan 2.67 percent, Amsterdam 1.96 percent and Swiss shares fell 1.33 percent. "The market's gaze remains fixed on events playing out in Europe as well as on the Korean peninsula, with European ministers finally agreeing on a bailout for Ireland while South Korean forces remain on high alert," said CMC Markets analyst Michael Hewson. "It is difficult at the moment, with sentiment so weak over concerns (on) Portugal and Spain, to see any rallies as anything but opportunities to sell into strength," IG Index strategist David Jones told AFP. Traders remain fearful of a domino effect following the bailouts of Greece and Ireland as investor confidence is under threat in other struggling eurozone nations. "The eurozone debt and banking crisis still dominates market focus with risk of intensifying contagion as the 'dominoes' collapse," said VTB Capital economist Neil MacKinnon. He added that there was also "an increase in the scope and cost of prospective bailouts ending in debt restructuring and default. "The euro can only weaken in this environment especially if there is a scramble for dollar liquidity going into the year end." On Wall Street, news of a good start to the US holiday shopping season failed to help sentiment. At midday, the blue-chip Dow Jones Industrial Average was down 1.31 percent while the S&P 500 index, a broader measure of the market, slid 1.18 percent. The tech-heavy Nasdaq fell 1.35 percent. The National Retail Federation said 212 million Americans visited stores or shopped online over the weekend of Thanksgiving, up 8.7 percent versus last year. "Even a better-than-expected turnout ... has fallen on deaf ears," said Joseph Hargett of Schaeffer's Investment Research. Germany's finance minister on Monday slammed market speculation over the financial woes of Portugal as irrational as he hailed a rescue deal for Ireland that he said would bring Dublin back on track. "The speculation on the international financial markets can barely be explained rationally," Wolfgang Schaeuble told German radio station Deutschlandfunk. Countries are put under pressure, leading to "fear effects," Schaeuble said."The markets can make a lot of money in this way," he added. Investors pushed up the yield on Irish bonds back above 9.0 percent on Monday evening, indicating a lack of confidence in Dublin's ability to implement its austerity plans as well as uncertainly surrounding elements of the rescue package. Spanish 10-year bonds also hit a new record above 5.40 percent, a rise of 25 basis or 0.25 percentage points from Monday while Portuguese 10-year bonds were hovering around 7.0 percent, up 0.14 percentage points. The yield on 10-year German bonds, which are the lowest in the eurozone, also rose to 2.759 percent, up 0.03 percentage points. The yield on French bonds rose 0.07 percentage points to 3.159 percent. Outside the eurozone, the yield on British bonds dipped 0.01 percentage points to 3.33 percent. Aside from eurozone woes, investors are mindful of simmering Korean tensions after a deadly exchange of fire last week. In earlier Asian deals, hopes for the US economic recovery helped soothe investor sentiment. Hong Kong rallied 1.26 percent and Tokyo rose 0.86 percent, with consumer electronic stocks like Sony buoyed by signs of a strong US shopping season and a firmer dollar also providing support. However, Shanghai shed 0.19 percent as concerns persisted about Chinese efforts to cool the mainland economy. 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