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