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Asian stock markets slide on Europe, China woes

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July 22, 2012 11:23 PM EST | AP

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SEOUL, South Korea — Asian stock markets are sliding as Europe's debt crisis threatens to flare again and worries persist about China's slowdown.

Stock markets in Japan, Australia and China are down more than 1 percent early Monday while stocks in South Korea, Taiwan and Hong Kong are down over 2 percent.

A string of reports from Europe and China over the weekend undermined already fragile investor sentiment.

Stocks in Italy and Spain plunged over 4 percent and 5 percent each on Friday after another region Spanish region said it might seek financial aid. A growth forecast from a Chinese central bank adviser also deepened concerns about the global slowdown.

Analysts say Asian auto and tech exporters are expected to report strong earnings later this week but will be overshadowed by weak economic conditions.