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| Asian stocks extend declines after sell-off in Europe | Asian stocks extend declines after sell-off in Europe |
| (40 minutes later) | |
| Asian stocks have extended their losses after European markets tumbled on Monday amid renewed fears about the European debt crisis. | Asian stocks have extended their losses after European markets tumbled on Monday amid renewed fears about the European debt crisis. |
| Japan's Nikkei 225 index fell 1.2%, Australia's S&P/ASX 200 shed 1.3% and South Korea's Kospi lost 0.3%. | |
| The drop followed a European sell-off that saw the region's main markets slide about 4%. | The drop followed a European sell-off that saw the region's main markets slide about 4%. |
| Analysts expect market volatility to continue as policymakers try to find a solution to the debt problem. | |
| "The trend of foreign investors flocking to safe-haven assets, and out of equities, will continue to be today's theme," said Kazuhiro Takahashi from Daiwa Securities. | "The trend of foreign investors flocking to safe-haven assets, and out of equities, will continue to be today's theme," said Kazuhiro Takahashi from Daiwa Securities. |
| Financial stocks led declines in Asia, taking their lead from Europe where fears are building over the state of banks and their balance sheets. | Financial stocks led declines in Asia, taking their lead from Europe where fears are building over the state of banks and their balance sheets. |
| As a result of the share sell-off, other assets climbed. | As a result of the share sell-off, other assets climbed. |
| Gold, which is considered a relatively safer investment, was just short of $1,900 an ounce, close to its to record high. And Japanese government bonds, another asset considered less risky, gained. | Gold, which is considered a relatively safer investment, was just short of $1,900 an ounce, close to its to record high. And Japanese government bonds, another asset considered less risky, gained. |
| Continuing worries | Continuing worries |
| European markets saw one of the year's biggest sell-offs on Monday. | European markets saw one of the year's biggest sell-offs on Monday. |
| Frankfurt's Dax index ended the day 5.3% lower, with the Paris Cac 40 4.7% lower and the FTSE 100 down 3.6%, posting its second-biggest fall this year. | Frankfurt's Dax index ended the day 5.3% lower, with the Paris Cac 40 4.7% lower and the FTSE 100 down 3.6%, posting its second-biggest fall this year. |
| Wall Street and US markets were closed on Monday for a public holiday. | Wall Street and US markets were closed on Monday for a public holiday. |
| This current round of market falls, which began on Thursday in late trading in New York, has been triggered by mounting evidence of a slowdown in the global economy and fears over the impact of US and European government austerity measures. | This current round of market falls, which began on Thursday in late trading in New York, has been triggered by mounting evidence of a slowdown in the global economy and fears over the impact of US and European government austerity measures. |
| At the same time, analysts are worried that the European debt problems will now engulf Italy, one of the region's biggest and most interlinked economies. | At the same time, analysts are worried that the European debt problems will now engulf Italy, one of the region's biggest and most interlinked economies. |