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Asian stocks down as concerns about Greece grow Asian markets lower as concerns about Greece grow
(about 7 hours later)
Asian stocks were lower in early trade on Wednesday, tracking US markets, as concerns about Greece's ability to repay an IMF loan due on Friday weighed on investor sentiment. Asian markets were mostly lower as concerns about Greece's ability to repay an IMF loan due on Friday weighed on investor sentiment.
Japan's Nikkei 225 index was down 0.46% at 20,438.78 after ending its longest winning streak since 1988 on Tuesday. Japan's Nikkei 225 closed down 0.34% at 20,473.51 after ending its longest winning streak since 1988 on Tuesday.
A €300m ($334m; £216m) payment from Greece to the IMF is due on Friday.A €300m ($334m; £216m) payment from Greece to the IMF is due on Friday.
But there are fears Greece does not have the necessary funds to pay and could default on the debt. Greek Prime Minister Alexis Tsipras is due to travel to Brussels on Wednesday where he will be presented with a new plan to solve Greece's debt crisis.
A default would ultimately lead to the country's exit from the eurozone. International creditors will detail economic reforms needed if Greece is to receive further funding.
In Australia, the benchmark S&P/ASX 200 index was down 0.32% at 5,617.80 points in early trade after marking its biggest fall for four weeks on Tuesday. In Australia, the benchmark S&P/ASX 200 closed down 0.9% at 5,583.60 despite reporting stronger-then-expected economic growth figures.
Australia releases its latest economic growth figures later. Australia's economy grew by 0.9% in the first quarter of the year, against forecasts for growth of between 0.5% and 0.7%.
The numbers are expected to show that growth is now at its slowest pace in two years, with expectations for quarterly expansion of 0.5%-to-0.7% compared to the same period last year. Australia's big lenders, which are much-loved by investors for their yields, weighed on the country's stock market, with shares in both Westpac and Commonwealth Bank of Australia closing down more than 1%.
Australia has been facing a fall in its commodity prices and weaker wages. "It's pretty clear there's pressure on the Australian yielding plays and we're seeing some of the market darlings under extreme pressure," said Sydney-based Michael McCarthy from CMC Markets.
The country's central bank lowered interest rates to a record low of 2% last month to help boost the economy, but as a result, property prices are soaring, especially in Sydney. "It's not going to be GDP to the rescue today," he added.
In South Korea, the benchmark Kospi index was down 0.08% at 2,077.05 points after closing down more than 1% a day earlier. Hong Kong's factories
China's IPOs In China, the Shanghai Composite index was down 0.48% at 4,884.48 in afternoon trade.
In China, a raft of initial share offerings this week is expected to draw liquidity from the mainland's markets. A raft of initial share offerings this week was widely expected to draw liquidity from the mainland's markets.
Eleven companies started taking initial public offering (IPO) subscriptions on Tuesday, and another 12 firms are expected to begin on Wednesday. According to local reports, the share offerings are expected to lock up 8.3tn yuan ($1.34tn; £873bn) of cash.
According to local reports, the IPOs are expected to lock up 8.3tn yuan ($1.34tn; £873bn) of cash. In Hong Kong, however, the benchmark Hang Seng was up nearly 1% at 27,737.89 despite disappointing factory activity numbers for May.
HSBC's Hong Kong PMI (purchasing managers' index) fell to 47.6 in May, its lowest in more than three and a half years.
"This was the third consecutive month that the headline PMI was below 50," said John Zhu, HSBC's Greater China economist, "which confirms the downward momentum in business conditions."
Mr Zhu said China's slowing economy was "clearly having an impact on orders, with new business from the mainland falling at a particularly sharp pace in May".
"The subdued demand conditions will lead to a deterioration in the labour market," he added.
In South Korea, the benchmark Kospi index closed down 0.74% at 2,063.16.