Asian markets have made an extremely weak start of the new week with all the major indices witnessing significant cut, some even trading lower by over two percent after Chinese central bank adviser forecast an economic slowdown and on renewed concern that Greece may not meet its bailout targets. An academic member of People’s Bank of China monetary policy committee has predicted the nation’s expansion to cool down to 7.4 percent this quarter. There is concern from Europe too, after euro slumped to its lowest level against the yen in almost 12 years on Monday as Spain's debt crisis deepened, though European leaders on Friday agreed to grant Spain's banks bailout cash of up to 100 billion euros but despite this there are fears that the country will need extra cash to help service its debts. Also, in Greece policy makers will discuss things amid doubts the country will meet its commitments.
Shanghai Composite lost 23.15 points or 1.07% to 2,145.48, Hang Seng plunged by 498.26 points or 2.54% to 19,142.54, Jakarta Composite declined by 63.05 points or 1.55% to 4,018.57, KLSE Composite was down by 4.29 points or 0.26% to 1,638.80, Nikkei 225 lost 127.12 points or 1.47% to 8,542.65, Straits Times declined by 23.61 points or 0.80% to 2,991.37, Kospi Composite lost 39.69 points or 2.21% to 1,783.62 and Taiwan Weighted declined by 151.78 points or 2.12% to 7,012.17.
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