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Greece default concerns drag on Asia markets Greece default concerns drag on Asia markets
(about 3 hours later)
Asian markets opened mostly lower on Monday on fears that Greece could default on its debts after talks in Brussels failed to reach a deal. Asian markets are trading mostly lower on fears that Greece could default on its debts after it failed to reach a deal in talks with creditors in Brussels over the weekend.
Greece has two weeks left before its bailout expires and the country potentially faces leaving the eurozone. Greece's multi-billion dollar bailout expires at the end of the month and the country potentially faces leaving the eurozone if no agreement is reached.
Japan's Nikkei 225 is down 0.8%, while the broader Topix lost 0.7%. Japan's Nikkei 225 opened 0.8% lower, while the Topix lost 0.7%.
Australia's benchmark S&P/ASX 200 and South Korea's Kospi index both edged 0.2% lower. Hong Kong's Hang Seng fell 0.9% and the Shanghai Composite is 0.3% lower.
Australia's benchmark S&P/ASX 200 is down 0.4% while South Korea's Kospi index both fell 0.2%
Last week, the International Monetary Fund unexpectedly pulled out of talks with Greece after saying that no progress had been made.Last week, the International Monetary Fund unexpectedly pulled out of talks with Greece after saying that no progress had been made.
"Greek negotiations falling through bring hopes of a resolution too close to the wire, with a lot being hung on the Eurogroup meeting later this week," wrote Vishnu Varathan of Mizuho bank."Greek negotiations falling through bring hopes of a resolution too close to the wire, with a lot being hung on the Eurogroup meeting later this week," wrote Vishnu Varathan of Mizuho bank.
"We expect a tumultuous negotiation process to continue inducing euro volatility.""We expect a tumultuous negotiation process to continue inducing euro volatility."
Week ahead
Investors will be watching the Federal Reserve meeting on Wednesday for more clues about when the US central bank will raise interest rates.Investors will be watching the Federal Reserve meeting on Wednesday for more clues about when the US central bank will raise interest rates.
"While no change in policy is expected, we think markets are bracing for... and a slower pace of hikes in Fed projections," Mr Varathan said. "No change in policy is expected," Mr Varathan said. "However, Fed officials have done abrupt U-turns in the past when the data changes."
Central banks in Japan and Indonesia will also hold policy meetings this week.Central banks in Japan and Indonesia will also hold policy meetings this week.
However both the Bank of Japan and Bank Indonesia are expected to maintain interest rates at their current level.
China's latest property prices are also due to be released on Friday.