Mumbai : Asian markets fell for a second day on Thursday, on concern that China’s economic slowdown is weighing on company earnings, and after orders placed with U.S. factories for durable goods rose less than estimated.

So Japan’s Nikkei 225 index lost 0.7%; Hong Kong’s Hang Seng index fell 1.3%; China’s Shanghai Composite index shed 1.4%; South Korea’s Kospi index shed 0.9%; and Singapore’s Straits Times index declined 0.7%. Meanwhile, Moody’s Investors Service said the China’s authorities have begun to prepare for a rebalancing of the economic roles of the public and private sectors.

In a special report, Moody’s said a new phase of structural policy reforms is coming into focus.

European stock markets also declined, today, as Standard & Poor’s said Greece may have to restructure its debt again. Key benchmark indices in Germany, France and the UK were down about 1%, each, in intra-day trade on Thursday.