Morning business round-up: Greek austerity protests

What made the business news in Asia and Europe this morning? Here's our daily business round-up:

Global financial markets took another hit with investors fearing that Greece's economic crisis has reached a tipping point, and that contagion will spread to other debt-laden countries.

The major European share indexes were down more than 1%, following on from falls in Asia and Wall Street.

Economic problems of a different nature are hurting India, where the runaway economy meant the central bank was forced to raise interest rates again to curb inflation.

An example of just how fast the economy is growing came when budget airline GoAir became the latest Indian airline to place a multi-billion-dollar aircraft order, this time with Airbus.

Operators are expanding fast as affordable air travel comes within reach of growing numbers of the population.

Also in Asia, Agustin Carstens is visiting China in an attempt to drum up support for his campaign to become the next head of the International Monetary Fund.

Mr Carstens is hoping Asian countries will follow Latin American nations in backing him.

UK fashion group Mulberry became the latest luxury retailer to enjoy a surge in sales and profits.

Mulberry's strong results follow a 40% rise in profit at fellow luxury brand Burberry, while Prada starts trading on the Hong Kong stock exchange on Friday.

However, there was less positive news for luggage firm Samsonite, whose shares tumbled on their debut on the Hong Kong stock exchange.

In the UK, there was more gloom on the High Street with official figures showing that UK retail sales fell 1.4% in May. This was a steeper fall than expected, and came after a rise in sales in April.

Before the figures were released, the UK's shadow chancellor of the exchequer, Ed Balls had called for an emergency cut in the VAT sales tax to boost consumer confidence and "jump-start" the economy.

In today's Business Daily podcast the chief economist at Citigroup is asked whether the era of US economic supremacy is coming to an end.