Market Update
Stocks in Asia ended lower Monday following reports that threw Greece's ability to avoid a default in doubt and led to fresh worries over the potential impact of a Greek default on the global economy.
At close, Hong Kong's Hang Seng index dropped 4.4% while Japan's Nikkei and India's Sensex were off 1.8% each. Mainland China's Shanghai stock exchange remained closed for a national holiday while, across the region, Australia's All Ordinaries fell 2.7%.
Stocks fell across Asia and Europe after a Reuters report said the Greek parliament had approved of the country's austerity plan but the budget pegged the country's deficit at 8.5% of its 2011 gross domestic product, instead of 7.6% asked by other Euro-zone nations.
Greece needs emergency funds up to $10.7 billion, part of the aid promised to it by European authorities last year, to service its immediate debt obligations and avert a payments default.
The key "tankan" business sentiment survey released early Monday showed a marked improvement but failed to lift equities.
The U.S. dollar rose against major peers, and the most against the euro. In commodities, gold prices rose while crude oil and most base metals lost ground.
Stocks on the Move
Shares in Tokyo fell early with resource plays and shipping stocks being the worst-hit. Mitsubishi Corporation tumbled 4.8% while Mitsui O.S.K. shed 7%.
In heavyweights, electronics major Sony dropped 4.5%.
Hong Kong stocks ended deeply lower, with financials stocks bearing a brunt of the decline.
Bank of China, China Merchants Bank and Bank of Communications fell between 6.5% and 12.2%.
In India, stocks witnessed a broad decline with metal and property stocks underperforming the index.
Shares of JSW Steel tumbled 7.1% after reports said federal officials had carried out a raid on one of its offices, probing over illegal mining.
In Sydney, heavyweight miners and banks pulled the index lower. Rio Tinto was off 4.1%, while National Australia Bank, ANZ Bank and Westpac Banking Group were off 3% to 4.2%.