Asian stocks mixed on Greece – China concerns

<p>The Shanghai Composite Index fell 2.9 per cent to 3,668.59.</p>

Asian stocks slid today (June 7th), led by China, amid ongoing concerns over Greece's future after Sunday's referendum.

Despite Chinese authorities announcing measures to support brokerages and fund managers through the purchase of massive amounts of stocks, the Shanghai Composite Index fell 2.9 per cent to 3,668.59 and Hong Kong's Hang Seng shed one per cent to 24,972.54. Chinese shares have fallen nearly 30 per cent after hitting a peak on June 2nd.

Meanwhile, investors worry about Greek as the country's banks are running short of cash. Results from Sunday's referendum showed 61 per cent of voters opted to reject demands for added austerity measures in exchange for further bailout funding, while 39 per cent said "yes." 

A European summit is expected  later today to discuss the implications of Sunday's "no" vote.

Tokyo's Nikkei 225 was up 1.4 per cent to 20,386.70, while Seoul's Kospi lost 0.7 per cent to 2,040.11 and Australia's S&P/ASX 200 soared two per cent to 5,585.40.

Join our live webinars for the latest analysis and trading ideas. Register now

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.

For further details see our full non-independent research disclaimer and quarterly summary.