Investing.com – Asian stock markets tumbled on Monday, with financials and exporters leading losses as market sentiment was weighed amid ongoing fears over a potential Greek default, while shares in Hong Kong plunged to a 28-month low amid fresh fears over China’s economic outlook.
During late Asian trade, Hong Kong's Hang Seng Index plunged 4%, Australia’s ASX/200 Index dropped 2.7%, while Japan’s Nikkei 225 Index fell 1.8%.
Fears over a potential Greek default intensified over the weekend after the Greek government said Sunday it would not meet its deficit target this year, which could jeopardize the approval of the next tranche of bailout funds for the debt-laden country.
Shares in Japanese exporters with high exposure to Europe came under pressure, amid the downbeat outlook for export earnings. Sony shares tumbled 4.5%, digital camera maker Canon slumped 1.9%, while automakers Nissan and Toyota fell 2.2% and 2% respectively.
Shares in the financial sector performed poorly, with Japan’s third largest lender Mizuho Financial Group slumping 1.75%, stocks of the nation’s largest bank Mitsubishi UFJ Financial Group declined 2.85%, while Sumitomo Mitsui Financial Group fell 2.7%.
Elsewhere, in Hong Kong, shares in property developers tumbled amid concerns over a slowdown in Chinese economic growth.
Hong Kong’s third largest property developer Hang Lung Properties dropped 3.6%, rivals Sino Land Company tumbled 5.4%, while shares in property investment firms Agile Property Holdings and Wharf Holdings plunged 14.7% and 8.1% respectively.
Shares in the financial sector also contributed to losses, with China’s largest lender Industrial and Commercial Bank of China falling 5%, China Construction Bank shares slumping 4.4%, while shares in insurance company Ping An tumbled 13.9%.
Meanwhile, European stock markets were sharply lower after the open. The EURO STOXX 50 dropped 2.3%, France’s CAC 40 fell 2.2%, the FTSE 100 slumped 1.9%, while Germany's DAX plunged 3.1%.
Later in the day, finance ministers from the single currency bloc were meeting to discuss options for increasing the capacity of the region’s bailout fund, the European Financial Stability Facility.
Also Monday, the U.S. Institute of Supply Management was to publish data on manufacturing activity.
During late Asian trade, Hong Kong's Hang Seng Index plunged 4%, Australia’s ASX/200 Index dropped 2.7%, while Japan’s Nikkei 225 Index fell 1.8%.
Fears over a potential Greek default intensified over the weekend after the Greek government said Sunday it would not meet its deficit target this year, which could jeopardize the approval of the next tranche of bailout funds for the debt-laden country.
Shares in Japanese exporters with high exposure to Europe came under pressure, amid the downbeat outlook for export earnings. Sony shares tumbled 4.5%, digital camera maker Canon slumped 1.9%, while automakers Nissan and Toyota fell 2.2% and 2% respectively.
Shares in the financial sector performed poorly, with Japan’s third largest lender Mizuho Financial Group slumping 1.75%, stocks of the nation’s largest bank Mitsubishi UFJ Financial Group declined 2.85%, while Sumitomo Mitsui Financial Group fell 2.7%.
Elsewhere, in Hong Kong, shares in property developers tumbled amid concerns over a slowdown in Chinese economic growth.
Hong Kong’s third largest property developer Hang Lung Properties dropped 3.6%, rivals Sino Land Company tumbled 5.4%, while shares in property investment firms Agile Property Holdings and Wharf Holdings plunged 14.7% and 8.1% respectively.
Shares in the financial sector also contributed to losses, with China’s largest lender Industrial and Commercial Bank of China falling 5%, China Construction Bank shares slumping 4.4%, while shares in insurance company Ping An tumbled 13.9%.
Meanwhile, European stock markets were sharply lower after the open. The EURO STOXX 50 dropped 2.3%, France’s CAC 40 fell 2.2%, the FTSE 100 slumped 1.9%, while Germany's DAX plunged 3.1%.
Later in the day, finance ministers from the single currency bloc were meeting to discuss options for increasing the capacity of the region’s bailout fund, the European Financial Stability Facility.
Also Monday, the U.S. Institute of Supply Management was to publish data on manufacturing activity.