Asian stock markets were down today (June 25th) as bailouts talks between Greece and the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) dragged on without result yesterday.
Greek PM Alexis Tsipras has resumed talks with international creditors today, with Greece having to repay a €1.6 billion (£1.1 billion) IMF loan by next Tuesday.
Earlier in the week, creditors rejected Greece's reforms proposals, arguing they are not viable and include far more tax rises and far fewer spending cuts than creditors had suggested.
Failure to reach an agreement to unlock the final €7.2 billion tranche of bailout funds could lead to Greece exiting the eurozone, with markets fearing possible repercussions for the world economy.
Japan's Nikkei 225 was down 0.5 per cent to 20,771.40 and South Korea's Kospi remained flat at 2,085.06. Hong Kong's Hang Seng lost 0.8 per cent to 27,190.75. Australia's S&P/ ASX 200 fell one per cent to 5,632.70 and China's Shanghai Composite closed 3.5 per cent lower at 4,527.78.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.