Investing.com – Asian stock markets declined on Monday, after euro zone finance ministers postponed a decision on a Greek rescue package, while Japanese exporters declined amid concerns over the global economic recovery.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.65%, South Korea's Kospi Composite fell 0.6%, while Japan’s Nikkei 225 Index edged 0.03% higher.
Luxembourg’s finance minister Jean-Claude Juncker said over the weekend that a decision on a second bailout package for Greece will be postponed until mid-July and was dependent on whether Greece managed to pass harsh austerity measures.
Meanwhile, shares in Japanese exporters performed poorly, as concerns over the pace of the global economic recovery dampened the outlook for export earnings.
Consumer electronic giant Sony saw shares tumble 2.7%, while shares in Honda fell 1%.
Official data released earlier showed that Japan posted its widest trade deficit since 2009 in May, as exports slumped 10.3% from a year earlier in the wake of the March earthquake and tsunami.
On the upside, shares in power plant operators were broadly higher after Trade Minister Banri Kaieda said that he may let utilities restart nuclear generators that had been shut for maintenance.
Chubu Electric Power saw shares jump 7.8%, Tohoku Electric Power shares rallied 10.2%, while Tokyo Electric Power saw shares gain 4%.
In Hong Kong, shares in property developers led losses amid concerns China planned to introduce further tightening measures to cool home prices.
Shares in Sino Land Company plunged 4.5%, Sun Hung Kai Properties dropped 3.15%, while property investment firm Henderson Land Development fell 3.3%.
The outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a decline of 0.9%, France’s CAC 40 futures indicated a drop of 0.95%, Germany's DAX futures retreated 0.75%, while the FTSE 100 futures slipped 0.7%.
Later in the day, the euro zone was to publish a report on its current account.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.65%, South Korea's Kospi Composite fell 0.6%, while Japan’s Nikkei 225 Index edged 0.03% higher.
Luxembourg’s finance minister Jean-Claude Juncker said over the weekend that a decision on a second bailout package for Greece will be postponed until mid-July and was dependent on whether Greece managed to pass harsh austerity measures.
Meanwhile, shares in Japanese exporters performed poorly, as concerns over the pace of the global economic recovery dampened the outlook for export earnings.
Consumer electronic giant Sony saw shares tumble 2.7%, while shares in Honda fell 1%.
Official data released earlier showed that Japan posted its widest trade deficit since 2009 in May, as exports slumped 10.3% from a year earlier in the wake of the March earthquake and tsunami.
On the upside, shares in power plant operators were broadly higher after Trade Minister Banri Kaieda said that he may let utilities restart nuclear generators that had been shut for maintenance.
Chubu Electric Power saw shares jump 7.8%, Tohoku Electric Power shares rallied 10.2%, while Tokyo Electric Power saw shares gain 4%.
In Hong Kong, shares in property developers led losses amid concerns China planned to introduce further tightening measures to cool home prices.
Shares in Sino Land Company plunged 4.5%, Sun Hung Kai Properties dropped 3.15%, while property investment firm Henderson Land Development fell 3.3%.
The outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a decline of 0.9%, France’s CAC 40 futures indicated a drop of 0.95%, Germany's DAX futures retreated 0.75%, while the FTSE 100 futures slipped 0.7%.
Later in the day, the euro zone was to publish a report on its current account.