Articles
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Asia stocks fall as global economic gloom builds
Asian stock markets fell Thursday, as Japanese business confidence dropped and fears grew of a global economic slowdown.
Japan’s Nikkei 225 index shed 1.3 percent to 8,409.30. South Korea’s Kospi index lost 1.6 percent to 1,828.15 and Hong Kong’s Hang Seng tumbled 2 percent to 17,991.17. Australia’s S&P ASX 200 dropped 1.7 percent to 4,119.90. Benchmarks in Singapore, Taiwan, and mainland China were also lower.
In Japan, confidence at major manufacturers fell over the last quarter. The Bank of Japan’s “tankan” survey of business sentiment fell to minus 4.
The figure represents the percentage of companies saying business conditions are good minus those saying conditions are unfavorable, with 100 representing the best mood and minus 100 the worst.
Japan’s strong yen has hit multiple historic highs this year against the dollar, making business conditions difficult for Japan’s export-reliant economy.
On Wall Street, stocks plummeted Wednesday amid a growing sense that Europe’s leaders have failed to contain that region’s debt crisis.
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