The MSCI Asia Pacific Index lost 1 percent at 11:09 a.m. in Tokyo. Hong Kong shut financial markets after the city raised its highest storm signal this year. Standard & Poor’s 500 Index futures slid 0.3 percent. The yen climbed against all major peers and South Korea’s won slid 0.8 percent. Oil slipped 0.9 percent and copper sank 3.3 percent in London. The cost of insuring Asian bonds climbed toward the highest in a year.
Concern Greece will default on its debt is dragging global equities and commodities toward their biggest quarterly losses since 2008, when Lehman Brothers Holdings Inc.’s bankruptcy froze credit markets. German lawmakers will vote on changes to a European bailout fund and Italy is set to sell bonds. More than half the global investors surveyed by Bloomberg predict Chinese growth will slow to less than 5 percent annually by 2016, adding to concern the world economy will falter.
Almost two shares fell for every one that gained on MSCI’s Asia Pacific Index, which snapped a two-day, 4.4 percent rally. The gauge has dropped 17 percent this quarter, on course for its largest quarterly loss since the three months ended September 2008. Japan’s Nikkei 225 Stock Average slid 1 percent, Australia’s S&P/ASX 200 Index declined 1.5 percent and Taiwan’s Taiex index was little changed.
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