Shawshank, VA 9/26/2011 (PennyPayDay) – The Nikkei fell 2.17% on Monday after the International Monetary Fund's weekend meeting in Washington failed to provide plans to resolve the eurozone debt crisis. Focus will turn this week to EU and IMF officials meeting in Athens to discuss whether Greece is doing enough to qualify for the next slice of its €110bn bailout.
Exporters were sent packing on concern about dwindling demand from Europe. Sony tumbled over 4% while Nissan reversed 3.6% to 620 yen in Tokyo.
Japanese commodities trader Mitsubishi Corp plummeted almost 8% on Monday on a deep and broad commodity rout. Peer Mitsui & Co surrendered 6% to 1,172 yen.
Tokyo Electric Power suffered some of the biggest losses on the Nikkei, with its shares plunging 13% to 259 yen. Nippon Electric fell 12% after it slashed its earnings forecasts for the next six months.
The benchmark Nikkei 225 index closed down 186 points at 8,374.
The Hang Seng retreated nearly 1.5% on Monday with persistent concern about Europe and stalled global growth pusing many traders towards the door.
Retailers with exposure to Europe were among the many casualties. Esprit shed 5.6% while Belle International was clobbered nearly 4%.
Hutchison Whampoa tumbled 5.6% on concern about shrinking demand from Europe.
Commodities, not surprisingly, also came under pressure. Oil, gold, copper and silver prices all suffered deep routs as investors scrambled into cash. Jiangxi Copper plunged 9.7% while PetroChina eased 1%.
Financials were mostly lower as investors seek safe haven assets amid the gloomy global outlook and European sovereign debt crisis.
Insurer Ping An was a significant faller, down 13.91% while ICBC declined 2.78%. Standard Chartered lost 2.5%.
The Hang Seng fell 261 points at 17,408 in Hong Kong.
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