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| Chinese shares fall on new IPO wave | |
| (about 2 hours later) | |
| Mainland Chinese shares saw sharp losses on Friday as investors began to worry about another wave of new listings drawing up liquidity in the market. | |
| Shares of Guotai Junan Securities - China's third-largest brokerage - jumped 44% on its debut after raising $4.8bn (£3bn) in the country's biggest initial public offering since 2010. | |
| The Shanghai Composite was down 2.5% to 4,415.25 after falling over 4% earlier. | |
| The Hang Seng fell 1.1% to 26,853.04. | |
| Investor sentiment was also weighed on by concerns on whether the government and central bank would continue to ease policy in order to boost growth in a slowing economy. | |
| However, Bernard Aw, market strategist at trading firm IG said the "correction" in the market was healthy in the longer term and it is what the central bank wants to see. | |
| "It is probably not a bad idea to repeat my view that China's leaders still view a strong capital market as beneficial for the Chinese economy, more importantly, a stable bull market is desired," he said in a note. | |
| Japan data weighs | |
| Japanese shares headed lower after government data showed a mixed picture of the world's third largest economy, which seems to be struggling to gain momentum. | |
| Household spending rose 4.8% in May from a year ago to mark the first annual increase in over a year, a sign consumers are finally spending again after last year's sales tax hike. | Household spending rose 4.8% in May from a year ago to mark the first annual increase in over a year, a sign consumers are finally spending again after last year's sales tax hike. |
| But core consumer prices rose 0.1%, below the central bank's target of 2%. | But core consumer prices rose 0.1%, below the central bank's target of 2%. |
| The Nikkei 225 index was down 0.5% to 20,663.75. | |
| Meanwhile, the unemployment rate was unchanged at 3.3% in May from April, meeting expectations. | Meanwhile, the unemployment rate was unchanged at 3.3% in May from April, meeting expectations. |
| Marcel Thieliant, Japan economist at Capital Economics, said Friday's data cast doubt on the Bank of Japan's (BOJ) upbeat view on the economy and consumer spending. | Marcel Thieliant, Japan economist at Capital Economics, said Friday's data cast doubt on the Bank of Japan's (BOJ) upbeat view on the economy and consumer spending. |
| "With increasing signs that the economic recovery is faltering, we think the BOJ will have to step up the pace of easing before too long, perhaps as soon as October," he said. | "With increasing signs that the economic recovery is faltering, we think the BOJ will have to step up the pace of easing before too long, perhaps as soon as October," he said. |
| Greece saga continues | |
| In Australia, the benchmark S&P/ASX 200 was down 1.5% to 5,548.00 points - leading the region's losses on concerns over Greece. | |
| Greece failed again to reach an agreement with its creditors and stumbled closer towards defaulting on its debt. | Greece failed again to reach an agreement with its creditors and stumbled closer towards defaulting on its debt. |
| Last-minute talks will resume on Saturday to either avert a Greek default next week or start preparing to protect the euro zone from financial market turmoil. | Last-minute talks will resume on Saturday to either avert a Greek default next week or start preparing to protect the euro zone from financial market turmoil. |
| South Korean shares were bucking the trend, heading higher. | South Korean shares were bucking the trend, heading higher. |
| The benchmark Kospi index was up 0.2% to 2,090.09. |