Thursday, April 17, 2014   

Asian markets tumble
(01-27 11:04)

Asian markets sank on Monday following the worst losses on Wall Street in seven months, with investors gripped by renewed fears over emerging economies days ahead of a crucial Federal Reserve policy meeting.
Japan's Nikkei, which was the best performer last year, continued its 2014 downtrend as the yen surged against the dollar, while shares in developing countries also suffered selling pressure.
Tokyo tumbled 2.49 percent by the break, Hong Kong shed 2.37 percent, Shanghai lost 0.56 percent and Seoul was 1.70 percent off, AFP reports.
Taipei dipped 1.59 percent, Singapore fell 1.48 percent, Kuala Lumpur was 1.11 percent lower and Manila lost 1.50 percent. Sydney was closed for a public holiday.
"Capital is fleeing equities generally,'' said Hiroichi Nishi, SMBC Nikko Securities general manager of equities.
"For Japan, the combination of weaker US stocks, a weaker dollar, and heightened fears over a slowing of global economic growth will be enough to send stocks down,'' he said.
In New York on Friday, the Dow sank 1.96 percent, the biggest percentage point fall since June last year, while the S&P 500 plummeted 2.09 percent and the Nasdaq lost 2.15 percent.
US investors ran for cover on Friday as an 11 percent slump in the Argentine peso against the dollar refuelled concerns about emerging market currencies.
Those fears were exacerbated by data last week indicating manufacturing activity in China -- a key driver of global growth -- had contracted in January.
"There is a fear that there is going to be a contagion in emerging-market currencies,'' Maybank Kim Eng head of sales trading Kevin Foy said.   
Other Business breaking news:
Amazon hit by strikes in Germany (04-17 17:07)
Hang Seng, Shanghai rise (04-17 16:58)
Flat open for European markets (04-17 15:48)
Nikkei gives up early gains (04-17 15:43)
China eases with reserve cut for rural banks: report (04-17 15:42)
Hang Seng inches up at mid-day (04-17 12:13)
Sony's PlayStation 4 sales top 7 million (04-17 12:06)
Weibo IPO priced at lower end: report (04-17 11:34)
Nikkei down by break (04-17 11:16)
Exports boost Italy's trade surplus (04-16 18:42)

More breaking news >>

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