Asian markets mixed after Greek elections

Anti-austerity party Syriza’s win caused concerns for the future of the eurozone.

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By :  ,  Financial Analyst

Asian stocks were mixed after it emerged the Syriza party had won the Greek election, setting up the potential for a rebellion against austerity.

The far-left party is a broad coalition that includes factions believing Greece should leave the eurozone. Syriza leader Alexis Tsipras has pledged to renegotiate Greece's debt with international creditors and reverse many austerity measures.

“The signs that are appearing around Greece’s elections are throwing renewed doubt on the viability of the euro,” Hiroyuki Fukunaga, chief executive officer at Investrust, told the Wall Street Journal.

After the announcement, the European currency tumbled 0.5 per cent against the US dollar to $1.1152 (£0.74).

In Japan, the benchmark Nikkei 225 closed down 0.3 per cent at 17,468.52. Hong Kong's Hang Seng index rose 0.2 per cent to 24,909.90, while the Shanghai Composite closed up 0.9 per cent at 3,383.18. The Kospi index ended flat at 1,935.68. Australia’s market was closed for a national holiday.

Learn more about currencies and Asian markets at City Index.

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