Nikkei: 8,719.24 (–224.52) Hang Seng: 19,399.92 (–616.35) Shanghai Comp: 2,534.36 (–25.11): ASIAN STOCKS fell yesterday, set to erase all gains by the regional index since the end of 2009, amid signs the world economy is slowing and concern that Europe's debt crisis will damage the banking system.
Markets tumbled as Morgan Stanley slashed its outlook for Association of Southeast Asian Nations members’ stock indexes.
BHP Billiton, the world’s largest mining company, lost 4.1 per cent in Sydney after oil and metal prices slumped.
Billabong, a surf-wear maker that gets almost half its sales from the Americas, tumbled 26 per cent after annual profit missed analyst estimates and US jobless claims and consumer prices advanced faster than projected.
Mitsubishi UFJ Financial, Japan’s biggest bank by market value, dropped 1.7 per cent in Tokyo.
Jiangxi Copper, China’s biggest producer of the metal, slid 8.3 per cent to HK$20.90 in Hong Kong.
Fortescue Metals, Australia’s third-biggest producer of iron ore, dropped 5 per cent to A$5.75 after full-year profit rose 76 per cent, less than analysts estimated. – (Reuters)
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