Asian markets tumble

Asian markets tumbled on Monday and the euro sank as eurozone fears returned on news that Cyprus was planning to tax bank depositors as part of a controversial bailout.

Wall Street also provided a weak lead, with the Dow seeing its first loss after a 10-day rally as data pointed to ongoing softness in the US economy.

Tokyo fell 2.71 percent, or 340.32 points, to end at 12,220.63, Sydney slipped 2.05 percent, or 104.8 points, to 5,015.4, a two-week low, while Seoul ended 0.92 percent lower, sliding 18.32 points to 1,968.18.

Hong Kong lost 2.00 percent, or 449.75 points, to end at 22,083.36 and Shanghai shed 1.68 percent, or 38.39 points, to 2,240.02.

Investors have been spooked by news that Cyprus agreed to a levy of up to 10 percent on bank depositors as part of a deal with fellow eurozone countries and international creditors in order to qualify for a $13 billion bailout.

Deposits of more than 100,000 euros ($129,000) will be hit with a 9.9 percent charge and 6.75 percent for anything below that threshold. The proposal must still be passed by parliament.