Asian markets tumble on Cyprus bailout deal
HONG KONG (AFP) - Asian markets tumbled in early trade on Monday and the yen climbed as eurozone fears returned on news that Cyprus was planning to tax bank depositors as part of a controversial bailout.
Wall Street also provided a weak lead, with the Dow seeing its first loss after a 10-day rally as data pointed to ongoing softness in the US economy.
Tokyo fell 2.10 per cent by the break, Hong Kong lost 2.14 per cent, Shanghai shed 0.62 per cent, Sydney slipped 1.43 per cent and Seoul was 0.49 per cent lower.
Investors have been spooked by news Cyprus' government agreed to a levy of nearly 10 per cent on Cypriots as part of a deal with fellow eurozone countries and international creditors in order to qualify for a US$13 billion (S$16.26 billion) bailout.