Asian markets are under pressure

Asian stocks tumbled on Monday as financial firms were hit by news that Wall Street giant Goldman Sachs had been charged with misleading investors.

Chinese shares were also hit by news that Beijing had moved to further restrict property speculation with a new set of measures, while the Icelandic volcano that shut air space across northern Europe hit Asian airline shares.

Tokyo opened 1.55 percent lower, while Hong Kong fell 1.60 percent and Sydney dropped 1.32 percent. Singapore fell 1.32 percent and Seoul was 1.33 percent off.

Airline shares were hit by as the volcanic ash cloud spreads across Europe, grounding aircraft in most countries. Qantas fell 2.4 percent, Air New Zealand was 2.8 percent lower and All Nippon Airways dropped 3.1 percent.

The euro fell to 1.3467 dollars in Tokyo late morning trade from 1.3504 dollars in New York late Friday, and to 124.07 yen from 124.42 yen.

Oil was lower, with New York's main contract, light sweet crude for delivery in May, down 1.49 dollars at 81.75 dollars a barrel. Brent North Sea crude for June tumbled 1.11 dollars to 84.88 dollars.

Hong Kong gold opened Monday at 1,135.50-1,136.50 US dollars an ounce down from Friday's close of 1,154.00-1,155.00 dollars.