Investing.com – Asian stock markets tumbled on Monday, with exporters and financials leading losses as mounting concerns over a potential Greek debt default prompted investors to shun riskier assets.
During late Asian trade, Hong Kong's Hang Seng Index plunged 3.7%, Australia’s ASX/200 Index dropped 3.8%, while Japan’s Nikkei 225 Index sank 2.3%.
Germany’s Der Spiegel magazine reported over the weekend that Germany’s Finance Ministry was studying the impact of a possible Greek default, including a scenario in which the debt-laden country exited the euro zone and reintroduced the drachma.
The Nikkei fell to a two-and-a-half-year low, dragged down by shares in exporters with high exposure to Europe, while a broadly stronger yen also weighed.
Consumer electronics giant Sony saw shares fall 3.4%, digital camera maker Canon slumped 2.3%, while automakers Honda and Nissan saw shares retreat 3.75% and 3% respectively.
Shares in plasma television maker Sharp tumbled 5% after Mizuho Securities cut its rating on the stock and lowered its price target by nearly 16%.
Shares in the financial sector were also lower, tracking heavy losses from their U.S. and European counterparts from Friday. Japan’s largest lender Mitsubishi UFJ Financial Group saw shares drop 2.7%, while Sumitomo Mitsui Financial Group declined 2.4%.
In Hong Kong, shares in oil producers were broadly lower after crude oil prices fell below USD86.00 a barrel on the New York Mercantile Exchange, dampening earnings prospects for energy explorers.
Oil and gas giant PetroChina saw shares slump 4.5%, Sinopec dropped 3.85%, while shares in China’s largest offshore oil producer CNOOC fell 4.7%.
Meanwhile, Hong Kong-listed shares of Europe’s largest lender HSBC Holdings tumbled 4.65%. Shares across the sector were also lower, with China Construction Bank dropping 4.3%, while Bank of China Hong Kong shares fell 3.4%.
Elsewhere, the outlook for European stock markets was sharply lower amid speculation of an imminent credit downgrade of France’s three largest lenders.
The EURO STOXX 50 futures pointed to a drop of 3.3%, France’s CAC 40 futures fell 3%, the FTSE 100 futures retreated 2.05%, while Germany's DAX futures indicated a loss of 3.1%.
Later in the day, Federal Reserve Bank of Dallas President Richard Fisher was to speak at a public event.
During late Asian trade, Hong Kong's Hang Seng Index plunged 3.7%, Australia’s ASX/200 Index dropped 3.8%, while Japan’s Nikkei 225 Index sank 2.3%.
Germany’s Der Spiegel magazine reported over the weekend that Germany’s Finance Ministry was studying the impact of a possible Greek default, including a scenario in which the debt-laden country exited the euro zone and reintroduced the drachma.
The Nikkei fell to a two-and-a-half-year low, dragged down by shares in exporters with high exposure to Europe, while a broadly stronger yen also weighed.
Consumer electronics giant Sony saw shares fall 3.4%, digital camera maker Canon slumped 2.3%, while automakers Honda and Nissan saw shares retreat 3.75% and 3% respectively.
Shares in plasma television maker Sharp tumbled 5% after Mizuho Securities cut its rating on the stock and lowered its price target by nearly 16%.
Shares in the financial sector were also lower, tracking heavy losses from their U.S. and European counterparts from Friday. Japan’s largest lender Mitsubishi UFJ Financial Group saw shares drop 2.7%, while Sumitomo Mitsui Financial Group declined 2.4%.
In Hong Kong, shares in oil producers were broadly lower after crude oil prices fell below USD86.00 a barrel on the New York Mercantile Exchange, dampening earnings prospects for energy explorers.
Oil and gas giant PetroChina saw shares slump 4.5%, Sinopec dropped 3.85%, while shares in China’s largest offshore oil producer CNOOC fell 4.7%.
Meanwhile, Hong Kong-listed shares of Europe’s largest lender HSBC Holdings tumbled 4.65%. Shares across the sector were also lower, with China Construction Bank dropping 4.3%, while Bank of China Hong Kong shares fell 3.4%.
Elsewhere, the outlook for European stock markets was sharply lower amid speculation of an imminent credit downgrade of France’s three largest lenders.
The EURO STOXX 50 futures pointed to a drop of 3.3%, France’s CAC 40 futures fell 3%, the FTSE 100 futures retreated 2.05%, while Germany's DAX futures indicated a loss of 3.1%.
Later in the day, Federal Reserve Bank of Dallas President Richard Fisher was to speak at a public event.