Asian Markets shattered as Dow Jones sinks deeper

Stocks in Asia fell hard on Wednesday after reports from America sparked new fears that the world’s largest economy is on its way to a recession.

Japan’s Nikkei 225 index tumbled to close down 6.8 percent, Korea’s main index fell at a three year low down 5.1 percent with Hong Kong’s Hang Seng index slumping 2.9 percent.

Wall Street ended on Tuesday with the Dow Jones index falling 2.5 percent, after news that firms were feeling the economic slowdown with weak earnings.

In Hong Kong the thoughts were that things are much more serious than the credit crunch and that we are past that and now the focus is on economic conditions and corporate earnings, which clearly are not in a good way.

The broader Topix index tumbled 7.1 percent and closed to 889.23. With Japans benchmark Nikkei 225 falling a whopping 631.56 points to 8,674.69 the slight recovery from last Thursday’s 11 percent drop is could be erased completely.

Singapore’s benchmark index dropped to a four year low dropping 5 percent, the Korea Composite Stock Price Index closed the lowest since early autumn 2005 closing at 1,134.59 earlier in the day it reached a low of 1,095.56

Source: BBC