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| Version 4 | Version 5 |
|---|---|
| Greece debt crisis: Asian markets fall | Greece debt crisis: Asian markets fall |
| (about 1 hour later) | |
| Asian shares have tumbled and the euro has slid after Greece failed to strike a deal with its creditors at the weekend and imposed capital controls. | Asian shares have tumbled and the euro has slid after Greece failed to strike a deal with its creditors at the weekend and imposed capital controls. |
| The euro fell below $1.10 at one point, from around $1.1165 on Friday, before recovering some ground. | |
| In Japan, the Nikkei 225 share index closed down 2.9% at 20,109.95 | |
| China saw another day of volatile trade, with the Shanghai Composite falling by more than 7% at one point before closing down 3.3% at 4,053.03. | |
| In Hong Kong, the Hang Seng index finished 2.6% lower at 25,966.98. | |
| China's shares fell despite a surprise rate cut by the central bank on Saturday. | China's shares fell despite a surprise rate cut by the central bank on Saturday. |
| In Australia, the benchmark S&P/ASX 200 closed down 2.23% at 5,422.50, while in South Korea, the benchmark Kospi ended 1.4% lower at 2,060.49 - its biggest daily percentage fall since late May. | In Australia, the benchmark S&P/ASX 200 closed down 2.23% at 5,422.50, while in South Korea, the benchmark Kospi ended 1.4% lower at 2,060.49 - its biggest daily percentage fall since late May. |
| Greece risks default and moving closer to a possible exit from the 19-member eurozone. | Greece risks default and moving closer to a possible exit from the 19-member eurozone. |
| The country is due to make a €1.6bn payment to the IMF on Tuesday - the same day that its current bailout expires. | The country is due to make a €1.6bn payment to the IMF on Tuesday - the same day that its current bailout expires. |
| Last week, talks between Greece and the eurozone countries over bailout terms ended without an agreement, and Prime Minister Alexis Tsipras then called for a referendum on the issue to be held on 5 July. | Last week, talks between Greece and the eurozone countries over bailout terms ended without an agreement, and Prime Minister Alexis Tsipras then called for a referendum on the issue to be held on 5 July. |
| At the weekend, the Greek government confirmed that banks would be closed all week, after a decision by the European Central Bank not to extend emergency funding. | At the weekend, the Greek government confirmed that banks would be closed all week, after a decision by the European Central Bank not to extend emergency funding. |
| Economist Daniel Martin from Capital Economics told the BBC the current situation was "the closest Greece had come to exiting the eurozone" and that it was likely to be a bad week for Asian markets. | Economist Daniel Martin from Capital Economics told the BBC the current situation was "the closest Greece had come to exiting the eurozone" and that it was likely to be a bad week for Asian markets. |
| Greek banks are expected to stay shut until 7 July, two days after Greece's planned referendum on the terms it had been offered by international creditors for receiving fresh bailout money. | Greek banks are expected to stay shut until 7 July, two days after Greece's planned referendum on the terms it had been offered by international creditors for receiving fresh bailout money. |
| China rate cut | China rate cut |
| On Saturday, China's central bank cut its one-year lending rate by 25 basis points to 4.85%. It is the bank's fourth cut since November. It also lowered the amount of cash that some banks must hold as reserves by 50 basis points. | On Saturday, China's central bank cut its one-year lending rate by 25 basis points to 4.85%. It is the bank's fourth cut since November. It also lowered the amount of cash that some banks must hold as reserves by 50 basis points. |
| Analysts said the moves highlighted Beijing's concerns that money was not flowing to some of the most-needed sectors in the economy. Others said the bank had reacted to Friday's share plunge, which saw the Shanghai Composite close down more than 7%. | Analysts said the moves highlighted Beijing's concerns that money was not flowing to some of the most-needed sectors in the economy. Others said the bank had reacted to Friday's share plunge, which saw the Shanghai Composite close down more than 7%. |
| Chinese investment holding company, Legend Holdings, made its trading debut in Hong Kong after raising more than $1.9bn in its initial share offering. The firm has a wide range of interests including in IT, agriculture and real estate, and is the parent company of Lenovo. | Chinese investment holding company, Legend Holdings, made its trading debut in Hong Kong after raising more than $1.9bn in its initial share offering. The firm has a wide range of interests including in IT, agriculture and real estate, and is the parent company of Lenovo. |
| Japan numbers | Japan numbers |
| In Japan, official figures showed retail sales grew by 1.7% in May from a month earlier - the fastest rate of growth since September last year. | In Japan, official figures showed retail sales grew by 1.7% in May from a month earlier - the fastest rate of growth since September last year. |
| However, other figures showed Japan's industrial production fell by 4% in May from a year earlier. | However, other figures showed Japan's industrial production fell by 4% in May from a year earlier. |
| "The plunge in industrial production in May points to a contraction in GDP (gross domestic product) this quarter," said economist Marcel Thieliant from Capital Economics. | "The plunge in industrial production in May points to a contraction in GDP (gross domestic product) this quarter," said economist Marcel Thieliant from Capital Economics. |
| "[This] corroborates our view that the Bank of Japan will have to step up the pace of easing before too long." | "[This] corroborates our view that the Bank of Japan will have to step up the pace of easing before too long." |