05 Aug '11, 10am

Asian stocks dive amid recession fears

Asian stocks dive amid recession fears

HONG KONG - Asian stock markets plummeted on Friday following carnage in the US and European markets over fears the world was heading towards another financial crisis. Already-fragile investor confidence was hammered by more weak US economic data and a warning from the head of the European Commission that the eurozone debt crisis had likely spread to other economies. "It's going to be a very ugly end to an even uglier week," IG Markets analyst Ben Potter said in Sydney, adding that all sectors were expected to take a battering. Tokyo tumbled 3.72 percent, or 359.30 points, to close at 9,299.88 while Hong Kong plummeted 4.29 percent, or 938.60 points, to end at 20,946.14. Sydney slumped 4.00 percent, or 171.1 points, to 4,105.4 and Seoul slid 3.70 percent, or 74.73 points, to 1,943.74. Sydney has lost 8.72 percent in the past four days, while Seoul has shed around 10.5 perc...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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Asia markets tumble amid recession fears

Asia markets tumble amid recession fears

channelnewsasia.com 05 Aug '11, 1am

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