MARKETS: Stocks, euro staggered by Greece; China rescue in doubt

Ace Finance & Markets News

#AceMarketsNews – SYDNEY/TOKYO (Reuters) – July.06: Asian stocks hit a six-month trough and the euro stumbled on Monday after a Greek vote against austerity measures endangered its future in the single currency and raised the risk of a full-blown crisis in the euro zone.

A rush from risk took MSCI’s broadest index of Asia-Pacific shares outside Japan down 2.8 percent in the steepest daily drop in two years.

Japan’s Nikkei shed 2.4 percent, while U.S. equity futures dropped 1.3 percent. Early signs were the major European bourses would open down at least 2 percent.

China’s stock market tried to buck the trend following a salvo of rapid-fire support measures from Beijing over the weekend.

Yet after an early surge stocks soon flagged and the CSI300 index of the largest listed companies in Shanghai and Shenzhen was up just 0.5 percent. The Shanghai Composite Index was flat having been up over…

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