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Asian shares hit by fears over Greece and US rate rise | Asian shares hit by fears over Greece and US rate rise |
(about 5 hours later) | |
Asian shares were down on Tuesday as investors continued to worry about a Greek debt default and the timing of a US interest rate rise. | |
Fears of a Greek debt default continued to weigh on markets as the country's bailout programme is due to expire at the end of June with no deal in place. | Fears of a Greek debt default continued to weigh on markets as the country's bailout programme is due to expire at the end of June with no deal in place. |
Meanwhile, expectations are growing of a US interest rate hike in September after an upbeat jobs report last week. | Meanwhile, expectations are growing of a US interest rate hike in September after an upbeat jobs report last week. |
Japan's benchmark Nikkei 225 closed down 1.8% at 20,096.30 on a firmer yen. | |
The US dollar was lower after media reports that US President Barack Obama had told the G7 summit in Germany that the strong dollar "posed a problem". | The US dollar was lower after media reports that US President Barack Obama had told the G7 summit in Germany that the strong dollar "posed a problem". |
The dollar was at 124.54 yen, well below 125.52 yen in Tokyo on Monday. | |
China inflation data | China inflation data |
Chinese shares headed lower despite inflation data for May being in line with expectations. | |
Consumer prices rose 1.2% from the previous year, compared to forecasts of 1.3%, while producer prices fell 4.6% against expectations of a 4.5% decline. | Consumer prices rose 1.2% from the previous year, compared to forecasts of 1.3%, while producer prices fell 4.6% against expectations of a 4.5% decline. |
Hong Kong's Hang Seng index was down 0.9% to 27,084.98, while the Shanghai Composite was lower by 1.1% to 5,074.17. | |
Shares of banking giant HSBC were up 0.8% after it announced up to 25,000 job cuts and the closures of businesses in Brazil and Turkey among other measures to save costs and simplify its business. | |
In Australia, the S&P/ASX 200 index finished down 0.5% to 5,471.3 after being closed the previous day for a holiday. | |
Last week, the benchmark index slid nearly 5%, marking its worst weekly performance in three years. | Last week, the benchmark index slid nearly 5%, marking its worst weekly performance in three years. |
Shares of Nine Entertainment fell as much as 21% marking an all time low after the TV broadcaster said it expects full year profit to fall more than previously forecast. It closed down 16.6%. | |
South Korean shares ended flat after data showed that annual sales at its department and discount stores both rose in May for the first time in three months. | |
But, the government warned that an outbreak of the Middle East Respiratory Syndrome (MERS) threatened ongoing recovery. | But, the government warned that an outbreak of the Middle East Respiratory Syndrome (MERS) threatened ongoing recovery. |
The benchmark Kospi index closed at 2,064.03 points. |