Asian markets suffer sharp cut on the first trading day of the week

The Asian markets suffered sharp cut on the first trading day of the week, the market mood in the region that started on a subdued note turned grave by the end of the day and all the major indices lost over a percent on concern of fretting global economic growth. Chinese markets were the most hit after country’s consumer-price inflation eased to a 29-month low in June, drop in producer prices fueled concern that deflation may spread to other parts of the economy and Premier Wen Jiabao said the economy faces 'relatively large' downward pressure. The Japanese market too suffered a cut of around one and half a percent after machinery orders plunged the most in a decade. The nation’s machinery orders, an indicator of capital spending, fell by 14.8 percent in May from the previous month, biggest decline since 2001.