Investing.com – Asian stock markets were sharply lower on Monday, with shares in lenders and exporters leading losses as lingering concerns over the euro zone’s sovereign debt crisis weighed on market sentiment.
During late Asian trade, Hong Kong's Hang Seng Index tumbled 2.5%, South Korea's Kospi Composite sank 1.1%, Australia’s ASX/200 Index dropped 1.75%, while Japan’s Nikkei 225 Index was closed for a public holiday.
A meeting of European Union finance ministers in Poland over the weekend failed to produce an agreement on how to resolve the region’s ongoing debt crisis.
Fears over a possible Greek debt default also weighed on sentiment as EU ministers postponed a decision to release the next tranche of aid to the debt-laden country until next month.
Shares in the financial sector came under selling pressure, with China Construction Bank shares dropping 2.3%, Industrial and Commercial Bank of China shares falling 3.15%, while Hong Kong-listed shares of Europe’s largest lender HSBC Holdings retreated 2.6%.
Hong Kong-based exporters were also lower. Shares of Li & Fung, which is the world’s biggest supplier of toys to major European retailers, tumbled 7.6%, while shares in Esprit Holdings, which counts Europe as its largest market plunged 16.2%.
Shares in China Coal Energy plummeted 17.1% after Xinhua News reported that a mine operated by the firm in northeast China had been suspended after a fatal flooding incident.
In Australia, shares in raw material producers led losses after crude oil and copper prices retreated on the New York Mercantile Exchange, dampening earnings prospects for miners and energy explorers.
Mining giants BHP Billiton and Rio Tinto dropped 1.95% and 1.5% respectively, while shares in oil producer Santos declined 1.75%.
Elsewhere, the outlook for European stock markets was sharply lower. The EURO STOXX 50 futures pointed to a drop of 2.8%, France’s CAC 40 futures fell 2.9%, the FTSE 100 futures slumped 1.9%, while Germany’s DAX futures indicated a loss of 2.5%.
Later in the day, officials from the EU and the International Monetary Fund were to hold talks with Greek Finance Minister Evangelos Venizelos to discuss whether Athens qualifies for its next tranche of aid.
During late Asian trade, Hong Kong's Hang Seng Index tumbled 2.5%, South Korea's Kospi Composite sank 1.1%, Australia’s ASX/200 Index dropped 1.75%, while Japan’s Nikkei 225 Index was closed for a public holiday.
A meeting of European Union finance ministers in Poland over the weekend failed to produce an agreement on how to resolve the region’s ongoing debt crisis.
Fears over a possible Greek debt default also weighed on sentiment as EU ministers postponed a decision to release the next tranche of aid to the debt-laden country until next month.
Shares in the financial sector came under selling pressure, with China Construction Bank shares dropping 2.3%, Industrial and Commercial Bank of China shares falling 3.15%, while Hong Kong-listed shares of Europe’s largest lender HSBC Holdings retreated 2.6%.
Hong Kong-based exporters were also lower. Shares of Li & Fung, which is the world’s biggest supplier of toys to major European retailers, tumbled 7.6%, while shares in Esprit Holdings, which counts Europe as its largest market plunged 16.2%.
Shares in China Coal Energy plummeted 17.1% after Xinhua News reported that a mine operated by the firm in northeast China had been suspended after a fatal flooding incident.
In Australia, shares in raw material producers led losses after crude oil and copper prices retreated on the New York Mercantile Exchange, dampening earnings prospects for miners and energy explorers.
Mining giants BHP Billiton and Rio Tinto dropped 1.95% and 1.5% respectively, while shares in oil producer Santos declined 1.75%.
Elsewhere, the outlook for European stock markets was sharply lower. The EURO STOXX 50 futures pointed to a drop of 2.8%, France’s CAC 40 futures fell 2.9%, the FTSE 100 futures slumped 1.9%, while Germany’s DAX futures indicated a loss of 2.5%.
Later in the day, officials from the EU and the International Monetary Fund were to hold talks with Greek Finance Minister Evangelos Venizelos to discuss whether Athens qualifies for its next tranche of aid.