Asian equities fell on Monday after Greece overwhelming rejected
further austerity measures, pushing it closer to a eurozone exit, while
Shanghai underwent another day of volatility as China introduced a raft
of measures to shore up the slumping market
Despite growing
concerns about Athens' place in the eurozone, the single currency
rallied after Greece's combative Finance Minister Yannis Varoufakis
announced his shock resignation just hours after winning Sunday's
referendum.
Tokyo fell 2.08% to 20 112.12, Seoul shed 2.40% to 2 053.93 and Sydney lost 1.11% to 5 476.70.
Shanghai soared 7.82% at the open before sinking rapidly again - losing almost one percent briefly in the afternoon. But it ended the day 2.41% higher, adding 89.00 points to 3 775.91.
Hong Kong plunged 3.18% to 25 236.28 - wiping out a 0.70% rise in the opening minutes that came on the coat-tails of the mainland gains.
More than 60% of Greece's voters heeded the government's call to vote "No", brushing aside warnings from European leaders that it was effectively an in-out poll on the euro.
While the euro sank to $1.0963 in US electronic trade immediately after the poll, it recovered throughout Monday and ticked even higher after Varoufakis' announcement.
The combative Varoufakis - who has been at the centre of Athens' high-profile debt negotiations for months - clashed with Greece's creditors and refused to bow to their demands for tough austerity.
"Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted 'partners', for my... 'absence' from its meetings," he wrote in a blog.
It was "an idea that the Prime Minister (Alexis Tsipras) judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today".
Tokyo fell 2.08% to 20 112.12, Seoul shed 2.40% to 2 053.93 and Sydney lost 1.11% to 5 476.70.
Shanghai soared 7.82% at the open before sinking rapidly again - losing almost one percent briefly in the afternoon. But it ended the day 2.41% higher, adding 89.00 points to 3 775.91.
Hong Kong plunged 3.18% to 25 236.28 - wiping out a 0.70% rise in the opening minutes that came on the coat-tails of the mainland gains.
More than 60% of Greece's voters heeded the government's call to vote "No", brushing aside warnings from European leaders that it was effectively an in-out poll on the euro.
While the euro sank to $1.0963 in US electronic trade immediately after the poll, it recovered throughout Monday and ticked even higher after Varoufakis' announcement.
The combative Varoufakis - who has been at the centre of Athens' high-profile debt negotiations for months - clashed with Greece's creditors and refused to bow to their demands for tough austerity.
"Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted 'partners', for my... 'absence' from its meetings," he wrote in a blog.
It was "an idea that the Prime Minister (Alexis Tsipras) judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today".
No comments:
Post a Comment