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| Asia stocks are mixed after Monday's sell-off in Europe | |
| (40 minutes later) | |
| Asian stocks were mixed, after European markets tumbled on Monday amid renewed fears about the region's debt crisis. | |
| Japan's Nikkei 225 index fell 1.2%, Hong Kong's Hang Seng shed 0.7%, while South Korea's Kospi was little changed. | |
| On Monday, European markets saw a sell-off that pushed the region's main indexes some 4% lower. | |
| Analysts expect market volatility to continue as policymakers try to find a solution to the debt problem. | 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 declined in early trade, taking their lead from Europe where fears are building over the state of banks and their balance sheets. | |
| Commonwealth Bank of Australia lost 0.5%, and National Australia Bank, the country's third-largest lender by market value, fell 1.9%. Japan's Mitsubishi UFJ fell 1.8% in Tokyo. | |
| Along with the declines, 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 |
| Fears over the state of European banks have come sharply back into focus after one of the region's best-known executives warned that a number of lenders were at risk of going bust. | |
| Deutsche Bank's outgoing chief executive, Josef Ackermann, said on Monday that some European banks would go bust if they were forced to recognise in their accounts the existing losses on government debts they own, based on current market prices for government bonds. | |
| 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. |
| Italy is in the process of trying to implement an austerity package that is needed to put its finances in order, despite rolling back on a number of its key pledges. | |
| 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. | |
| Wall Street and US markets were closed on Monday for a public holiday. However US stock futures fell more than 2% on Monday in electronic trading. |