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Stocks fall over Europe/Asia fears

Asian stocks fell as Europe's debt crisis continued to disturb markets and the World Bank cut its growth forecasts for Asia.

Hong Kong's Hang Seng fell 0.7% to 20,872.04. South Korea's Kospi lost 0.7% to 1,980.71 and Australia's S&P/ASX200 lost 0.3% to 4,480.10.

Benchmarks in Singapore, Taiwan and mainland China also fell. New Zealand's rose. Markets in Japan were closed for a public holiday.

The World Bank cut this year's growth outlook for developing Asia-Pacific economies to 7.2% from its May forecast of 7.6%.

The bank cut its forecast for China, the region's biggest economy, to 7.7% from May's 8.2%. The bank cited weak global demand due to the lacklustre US recovery and Europe's recession.

Andrew Sullivan, principal sales trader at Piper Jaffray in Hong Kong, said protests in Spain and IMF concerns over Greece continue to worry investors.

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From Belfast Telegraph