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Tokyo: Stocks open 0.46% lower


[TOKYO] Tokyo stocks opened 0.46 per cent lower on Wednesday as investors weigh China's broadening equity rout and an ultimatum from European leaders that they will force Greece out of the currency union if a Sunday deadline is not met.

The Nikkei 225 index at the Tokyo Stock Exchange lost 94.1 points to 20,282.49 at the start.

European leaders gave debt-stricken Greece a final deadline of Sunday to reach a new bailout deal and avoid crashing out of the euro, after Greek voters rejected international creditors' plans in a weekend referendum.

In the first step of its renewed bid for funding, Greece's leftist government must submit detailed reform plans by Thursday, EU President Donald Tusk said after eurozone leaders held an emergency summit with Greek Prime Minister Alexis Tsipras.

The euro bought US$1.1003 and 134.76 yen early Wednesday, compared with US$1.1007 and 134.89 yen in New York late Tuesday.

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The dollar was at 122.44 yen against 122.55 yen.

On Wall Street, US-listed Chinese companies fell, a sign analysts worry that efforts by the Chinese government to stabilise equity markets are falling short.

But US stocks rallied on Tuesday, showing investors remain fairly optimistic despite worries about Greece and China.

The Dow Jones Industrial Average ended up 93.33 points (0.53 per cent) to 17,776.91 after earlier falling more than 200 points.


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