Asian Shares Down on Euro Worries
Renewed worries in the euro-zone over the weekend sent stocks tumbling across Asia on Monday.
The euro came under renewed selling pressure after Fitch Ratings on Friday cut Greece’s debt ratings by three notches.
The news was followed by Standard & Poor’s announcement over the weekend that it was cutting its outlook for Italy from „stable“ to „negative.“
The stream of bad news coming out of the euro zone pushed Asian bourses into the red, sparking a rush into safe-haven assets like government bonds.
Japan’s Nikkei and Australia’s benchmark index both fell more than 1 percent.
Seoul shares were down nearly two percent, led by declines in shares of Hyundai Motor and Kia Motors as a strike at one of their suppliers’ disrupted production.