Market Update
Asian indexes were down in the red as investor mood was dampened by jobs data released Friday last week that revealed the smallest US jobs growth in eight months in May, confirming fears of a slow-down in the economy.
At the time of writing, the Nikkei was down 1.6% while the S&P/ASX 200 had lost 0.8%. The Sensex gave up 0.6% in morning trade. The Hang Seng and the Shanghai Composite were shut for holidays.
Investors will be looking forward to Federal Reserve Chairman Ben Bernanke's speech later today.
The ECB is also scheduled to meet later this week to discuss questions surrounding Greece.
Meanwhile, the euro rose 0.2%, close to a one-month high, pushed up by hopes Greece is close to receiving a much-needed relief package.
Stocks on the Move
In Japan, shares of Tokyo Electric Power Co plunged 25.5% after a media report the company would post a 570 billion yen or $7.1 billion net loss for the financial year 2012, excluding compensation payments for the Fukushima plant's nuclear disaster.
The head of the Tokyo Stock Exchange was quoted separately as saying the company should go through a court-led rehabilitation.
Shares of other power companies also dropped as Kansai Electric Power was down 8.4% and Chubu Electric Power fell 8%.
Fast Retailing dropped 1.8% after gaining last week.
Shares of banks and other utilities were also trading lower.
The Sensex was dragged down by stocks across sectors. Major losers on opening were Jaiprakash Associates, Bajaj Auto and Maruti Suzuki, down between 1.7% and 2.2%. Other losers included Hindalco, ONGC, Jindal Steel, Tata Steel and Mahindra & Mahindra, all down between 1% and 1.5%.
In Sydney, major miners BHP Billiton and Rio Tinto lost 0.9% and 0.8% each, respectively.
Tabcorp Holdings plunged almost 60% after rating agency Standard & Poor's retained its negative outlook for the company following a court approval to effect the demerger of the company's casinos business.
Economic data released today showed inflation increased in May, led mainly by higher prices of fruit and vegetables and rent, a survey by the TD Securities and the Melbourne Institute revealed.