Investing.com – Asian stock markets were broadly lower on Monday, as concerns that Greece’s sovereign debt crisis could worsen and spill over to the region’s banking sector weighed on sentiment.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.9%, South Korea's Kospi Composite fell 0.98%, while Japan’s Nikkei 225 Index dropped 1.04%.
Markets were awaiting further developments in regards to Greece’s sovereign debt crisis. The country’s parliament must approve a EUR28.4 billion austerity package this week in order to receive a second tranche of bailout loans from the European Union and International Monetary Fund and avert a sovereign debt default.
A brief suspension in trading of Italian bank shares on Friday added to concerns that the region’s debt crisis could spill over to peripheral euro zone member states.
Shares in the financial sector came under further pressure after the Basel Committee on Banking Supervision said in a statement over the weekend that large global lenders deemed too big to fail must hold as much as 2.5% in additional capital.
Japan’s largest lender Mitsubishi UFJ Financial Group saw shares slump 1.6%, while rival Sumitomo Mitsui Financial Group declined 1.1%.
Shares in Japanese exporters retreated amid concerns over the global economic recovery. Consumer electronics giant Sony saw shares drop 2.1%, Toyota shares sank 2.3%, while shares in Elpida Memory fell 2%.
In Hong Kong, lenders were broadly lower, with China Construction Bank shares down 1.25%, while HSBC Holdings saw shares slump 1.65%.
Shares in oil producers declined as crude prices traded at a four-month low on the New York Mercantile Exchange. Shares in PetroChina dipped 0.9%, while CNOOC shares lost 1.6%.
The outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a drop of 0.35%, France’s CAC 40 futures dipped 0.2%, the FTSE 100 futures was down 0.3%, while Germany's DAX futures edged 0.25% lower.
Later in the day, the U.S. was to publish government data on personal income and expenditure as well as a consumer price index.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.9%, South Korea's Kospi Composite fell 0.98%, while Japan’s Nikkei 225 Index dropped 1.04%.
Markets were awaiting further developments in regards to Greece’s sovereign debt crisis. The country’s parliament must approve a EUR28.4 billion austerity package this week in order to receive a second tranche of bailout loans from the European Union and International Monetary Fund and avert a sovereign debt default.
A brief suspension in trading of Italian bank shares on Friday added to concerns that the region’s debt crisis could spill over to peripheral euro zone member states.
Shares in the financial sector came under further pressure after the Basel Committee on Banking Supervision said in a statement over the weekend that large global lenders deemed too big to fail must hold as much as 2.5% in additional capital.
Japan’s largest lender Mitsubishi UFJ Financial Group saw shares slump 1.6%, while rival Sumitomo Mitsui Financial Group declined 1.1%.
Shares in Japanese exporters retreated amid concerns over the global economic recovery. Consumer electronics giant Sony saw shares drop 2.1%, Toyota shares sank 2.3%, while shares in Elpida Memory fell 2%.
In Hong Kong, lenders were broadly lower, with China Construction Bank shares down 1.25%, while HSBC Holdings saw shares slump 1.65%.
Shares in oil producers declined as crude prices traded at a four-month low on the New York Mercantile Exchange. Shares in PetroChina dipped 0.9%, while CNOOC shares lost 1.6%.
The outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a drop of 0.35%, France’s CAC 40 futures dipped 0.2%, the FTSE 100 futures was down 0.3%, while Germany's DAX futures edged 0.25% lower.
Later in the day, the U.S. was to publish government data on personal income and expenditure as well as a consumer price index.