SINGAPORE: Asian stocks slid on Monday and the euro sank to a 10-year low against the yen, after the resignation of a top German European Central Bank board member cast further doubt on the region's ability to tackle its worsening sovereign debt crisis.
Oil and copper prices fell and the dollar gained broadly as worries about the euro zone's woes combined with fears about the flagging world growth to ensure no let-up in the gloom that has gripped global markets for much of the past six weeks.
"People are quite nervous about Greece and other countries in the European area, so that is why investors are escaping to the dollar," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd. "It's risk aversion."
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