Asian markets sink after Greece votes 'No' to austerity

July 06, 2015 09:27

Asian stocks fell Monday after Greek voters rejected more austerity demands from creditors, fuelling fears the country will crash out of the eurozone, but the euro recovered from initial losses as dealers wait for European leaders` next move.

Despite warnings from European leaders that Sunday`s referendum was effectively an in-out poll on the euro, more than 60 percent of the voters heeded the government`s call to vote "No".

In early trade Tokyo fell 1.43 percent, Seoul shed 1.14 percent, Sydney lost 1.69 percent and New Zealand was off 0.77 percent.

The euro was at $1.1020 and 135.05 yen, clawing back some of the losses suffered in New York electronic trade Sunday, when it fell to $1.0987 and 134.91 yen.

Shinya Harui, currency analyst at Nomura Securities in Tokyo, said the common currency was holding up as traders "assess the spill-over risks in the case of a Greek exit from the eurozone".

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