Asian Stocks Slip With Euro as Greek Talks Fail; Oil, Wheat Drop

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Asian stocks fell with U.S. index futures, and the euro weakened, after talks between Greece and its creditors broke down without a deal on bailout aid. Oil extended losses with wheat, while Treasury futures rose.

The MSCI Asia Pacific Index slipped 0.5 percent by 9:24 a.m. in Tokyo, halting a three-day climb as equity gauges in Japan, Australia and South Korea sank at least 0.4 percent. Standard & Poor’s 500 Index futures dropped 0.4 percent, while contracts on 10-year U.S. debt signaled gains. The euro weakened at least 0.4 percent against the dollar and the yen. Oil declined for a third day, as wheat slipped 0.9 percent.

Negotiations in Brussels between Greece and its creditors fell apart after just 45 minutes on Sunday, shifting the burden of finding a resolution to Greece’s funding crisis to a meeting of euro-area finance ministers set for June 18. The focus also remains on U.S. monetary policy this week, with the Federal Reserve reviewing interest rates Wednesday. A report on U.S. factory output is due Monday, along with Indian prices data.

Source : Bloomberg