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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 2 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.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.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. The dollar was at 124.54 yen, well below the 125.52 yen mark in Tokyo on Monday.
China inflation dataChina inflation data
Chinese shares headed lower despite inflation data for May being in line with expectations.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 with 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. Hong Kong's Hang Seng index closed down 1.2% at 26,989.52 - its lowest close since early April - while the Shanghai Composite closed down 0.36% at 5,113.53 points.
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. Hong Kong-listed shares of banking giant HSBC closed down 0.41% after it announced up to 25,000 job cuts and the closures of businesses in Brazil and Turkey, among other measures, as it seeks 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.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%. Shares of Nine Entertainment fell as much as 21%, marking an all time low, after the TV broadcaster said it expected full year profit to fall by 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.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.The benchmark Kospi index closed at 2,064.03 points.