Asia markets fell Wednesday, led by technology shares in the wake of disappointing earnings from Apple Inc., while property major Cheung Kong Holdings Ltd. dropped in Hong Kong on news it was leading a group to acquire a U.K. gas distributor.
In Japan, the Nikkei 225 Index surrendered 122.19 points, or 1.4%, to 8,365.01.
The Hang Seng Index in Hong Kong fell 25.87 points, or 0.1%, to 18,877.33
European concerns combined with lackluster corporate earnings reports to drag U.S. stocks lower Tuesday.
Reports that Greece could need more debt restructuring, placing additional strain on the European Central Bank and other euro-zone members, inflamed existing worries about the fragility of the region’s economy.
In Tokyo, escalating European woes sent euro to decade-lows against the Japanese yen weighing heavily on blue-chip exporters.
Sharp Corp. plunged 10%, Panasonic Corp. dropped 5.5%, and Honda Motor Co. retreated 2.3%.
Shares of Toshiba Corp. extended recent weakness with a 7.3% slump, after cutting production of NAND flash-memory chips.
Below-expectation earnings from global technology giant Apple Inc. prompted a sharp selloff of electronics firms across Asia.
Among Tokyo-listed technology majors losing ground, Advantest Corp. dropped 3.8%, Kyocera Corp. shed 2%, and NEC Corp. gave up 2%.
In Seoul, LG Display Co. 4.8%, while Posco fell 2.5% after Moody’s announced it was putting the steel maker on review for a possible downgrade.
Property names were weak in Hong Kong, as Sino Land Co. lost 1.7% and Agile Property Holdings Ltd. sank 4.9%.
Cheung Kong Holdings Ltd. dropped 0.9% following news the property major is leading a consortium to buy Wales and West Utilities Ltd. and its parent for $1 billion U.S.
Global miner Rio Tinto Ltd. fell 1.5%, and energy firm Santos Ltd. dropped 0.2%.
Shares of Macquarie Group Ltd. surrendered 1.8% although the investment bank said it expects improved financial results in the 2013 fiscal year.
In other markets
Shanghai’s CSI 300 index slid 15.91 points, or 0.7%, to 2,360.08
Korea’s Kospi Index dipped 24.62 points, or 1.4%, to 1,769.31
Singapore's Straits Times Index lost 15.91 points, or 0.7%, to 2,990.92
Taiwan’s Taiex Index docked 29.22 points, or 0.4%, to 6,979.13
New Zealand’s NZX index shed 1.73 points to 3,458.98
Australia’s ASX Index backpedaled 9.29 points, or 0.2%, to 4,123.95
