|Asian markets track Wall Street losses
Asian markets slumped Tuesday -- led by a four percent fall in Tokyo -- following a huge sell-off on Wall Street as disappointing US manufacturing data compounded already deep fears about emerging markets.
Traders were also spooked by a warning from Treasury Secretary Jacob Lew, who warned that the US borrowing limit will be reached on Friday, renewing fears of a Washington stand-off and possible default.
Tokyo dived 4.18 percent, or 610.66 points, to 14,008.47. The losses leave the Nikkei 14 percent down since the start of the year, having surged 57 percent in 2013 to mark its best year in four decades.
Seoul fell 1.73 percent, or 33.11 points at 1,886.85 and Sydney lost 1.75 percent, or 90.8 points, to 5,097.1.
Hong Kong plunged 2.89 percent, or 637.65 points, to 21,397.77. Chinese tech giant Lenovo dived 16.40 percent on fears it may have bitten off more than it can chew with the purchase last week of struggling Motorola from Google for US$2.91 billion.
The firm slumped more than eight percent on Thursday in response to the news, before the stock market closed for the Lunar new Year holiday.
Shanghai and Taipei were closed for the Lunar New Year holiday. --AFP