Fears that new leaders in France and Greece will repudiate austerity and urge other nations in Europe to do so as well pushed Asian stocks deeply lower.
The Nikkei fell 2.78% to 9,119 as concerns about the value of the yen and euro exploded. The Hang Seng dropped 2.74% to 20,511.
At the open in Europe, the FTSE 100 was off 1.93% to 5,655. The DAX 30 fell 1.83% to 6,440. The CAC 40 in France was down 1.46% to 3,116.
France’s new President François Hollande has said he will reverse austerity measures across Europe in defiance of decisions made with the leadership of Angela Merkel of Germany.
Douglas A. McIntyre