Asian stocks down on Greece concerns

Asian stocks slipped today (January 6th) as falling oil prices and concern over Greece dampened sentiment.

Wall Street's weak previous session weakened investor sentiment further. The Dow Jones Industrial Average closed 1.9 per cent lower, while the S&P 500 lost 1.8 per cent.

In early Asian trade, US crude futures was trading at around $50 (£33) a barrel, the lowest level since April 2009, fuelling concerns of a global slowdown.

Investors also worried about the future of Greece in the eurozone if anti-austerity party Syriza wins national elections later this month and carries out its pledge to tear up its bailout agreement with the EU.

Der Spiegel reports that Angela Merkel thinks Greece can be ejected safely from the euro, and Germany has warned against reneging on bailout terms.

Tokyo's Nikkei 225 tumbled 2.4 per cent to 16,990.52 and Seoul's Kospi fell 1.4 per cent to 1,889.70. HongKong's Hang Seng ended 0.8 per cent down to 23,533.81 while China's Shanghai Composite was up one per cent at 3,384.59. Australia's S&P/ASX 200 dropped 1.8 per cent to 5,353.40.

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