Overseas Trading: China Nears Bear-Market Territory

China's Shanghai Composite posted its biggest one-day drop since Jan. 19

by Karee Venema

Published on Jun 26, 2015 at 8:08 AM

Most Asian markets finished lower today, as anxiety over Greece's fiscal status continued to weigh on investor sentiment. China's Shanghai Composite once again logged the worst losses, plunging 7.4% -- its biggest one-day drop since Jan. 19 -- on deleveraging and liquidity concerns. The index is now on the cusp of entering bear-market territory. Hong Kong's Hang Seng also felt the heat of China's sell-off, shedding 1.8%, while Japan's Nikkei fell 0.3% despite stronger-than-forecast household spending data. South Korea's Kospi managed to outperform its regional peers, tacking on 0.3%.

European benchmarks are mixed at midday, after yesterday's Eurogroup summit failed to produce a resolution to Greece's debt crisis. Greece's creditors are calling for a deal to be reached this weekend, with German Chancellor Angela Merkel explaining eurozone leaders have "agreed that everything must be done to find a solution on Saturday." Against this backdrop, the French CAC 40 is up 0.4%, while London's FTSE 100 is down 0.5%, and the German DAX is slightly lower.

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