Asian markets lower on ongoing Greek crisis

<p>The deadline for a Greek payment to IMF looms.</p>

Asian markets were mostly lower today (June 3rd) as talks between Greece and its creditors continued. Investors are concerned about the country's ability to repay a €300 million (£216 million) International Monetary Fund loan due on Friday.

Greek Prime Minister Alexis Tsipras is due to travel to Brussels today where he will be presented with a new plan to solve Greece's debt crisis. Both sides worked on rival proposals for the conditions of a financial lifeline.

“There’s every reason for equity markets to be volatile at the moment given the steepening yield curve globally,” Tim Schroeders, a portfolio manager at Pengana Capital Ltd. in Melbourne, told Bloomberg. "We’ve had some explosive gains in the Asian markets, particularly in China and Japan. The probability is a deal on Greece will get done at the 11th hour but there will be a bit of drama until that deadline."

Japan's benchmark Nikkei 225 lost 0.3 per cent to 20,476.71. South Korea's Kospi fell 0.7 per cent to 2,063.16. Hong Kong's Hang Seng gained 0.6 per cent to 27,639.79 while the Shanghai Composite lost one per cent to 4,860.58.

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