Investing.com - Asian stocks fell Tuesday on growing investor sentiment that while a EUR100 billion financial assistance package approved for Spain may bolster the country's banking system, it won't solve the eurozone's fundamental problem of too much debt and too little growth.
Eurozone finance ministers approved the bailout over the weekend.
During Asian trading on Tuesday, Hong Kong's Hang Seng Index was down 1.00%, Australia's S&P/ASX200 was up 0.22%, while Japan’s Nikkei 225 Index was down 1.47%.
Spain has become the fourth eurozone country to seek emergency credit, following Greece, Portugal and Ireland.
Equities markets applauded the move to prop up Spain's banking sector though the euphoria ended quickly by early Tuesday in Asia on expectations that the eurozone crisis continues and a return to overall growth remains elusive.
Meanwhile in Greece, elections will take place on June 17, when voters will elect a new parliament.
A strong showing by leftist politicians in favor of ditching austerity measures could lead to a coalition government willing to risk an end to bailout money in exchange for scrapping painful austerity measures such as tax hikes and wage cuts.
Such a scenario could see Greece abandoning the euro.
In Hong Kong, top decliners included Wharf Holdings, down 3.91%, China Unicom, down 2.89%, and COSCO Pacific, down 2.50%.
In Australia, top gainers included Qantas Airways, up 10.31%, Energy World Corporation, up 9.37%, and Beadell Resources, up 6.45%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.39%, while Germany's DAX 30 futures signaled a gain of 0.32%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.40%.
Dow Jones Industrial Average futures were up 0.27% while the S&P 500 futures were up 0.29%.
Later Tuesday, Bank of Japan Governor Masaaki Shirakawa is due to speak, and his comments will be closely watched for any indication of the future possible direction of monetary policy.
Also on Tuesday, the U.S. is to publish official data on import prices as well as a government report on the federal budget balance.
Eurozone finance ministers approved the bailout over the weekend.
During Asian trading on Tuesday, Hong Kong's Hang Seng Index was down 1.00%, Australia's S&P/ASX200 was up 0.22%, while Japan’s Nikkei 225 Index was down 1.47%.
Spain has become the fourth eurozone country to seek emergency credit, following Greece, Portugal and Ireland.
Equities markets applauded the move to prop up Spain's banking sector though the euphoria ended quickly by early Tuesday in Asia on expectations that the eurozone crisis continues and a return to overall growth remains elusive.
Meanwhile in Greece, elections will take place on June 17, when voters will elect a new parliament.
A strong showing by leftist politicians in favor of ditching austerity measures could lead to a coalition government willing to risk an end to bailout money in exchange for scrapping painful austerity measures such as tax hikes and wage cuts.
Such a scenario could see Greece abandoning the euro.
In Hong Kong, top decliners included Wharf Holdings, down 3.91%, China Unicom, down 2.89%, and COSCO Pacific, down 2.50%.
In Australia, top gainers included Qantas Airways, up 10.31%, Energy World Corporation, up 9.37%, and Beadell Resources, up 6.45%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.39%, while Germany's DAX 30 futures signaled a gain of 0.32%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.40%.
Dow Jones Industrial Average futures were up 0.27% while the S&P 500 futures were up 0.29%.
Later Tuesday, Bank of Japan Governor Masaaki Shirakawa is due to speak, and his comments will be closely watched for any indication of the future possible direction of monetary policy.
Also on Tuesday, the U.S. is to publish official data on import prices as well as a government report on the federal budget balance.