Asian markets slump over global recovery fears
03 Jul 2010
Asian stocks fell at the close of Friday's trading, dragging the MSCI Asia Pacific Index to its fourth decline in five weeks, as weaker manufacturing growth in the US, Europe and China added to signs global economic recovery is faltering. A weak US jobs report didn't help.
The MSCI Asia Pacific Index fell 3.4 per cent to 111.70, sliding 7.3 per cent this year amid concerns that Europe's debt crisis and Chinese steps to curb property prices will hurt global growth.
China's Shanghai Composite Index declined 6.7 per cent, the biggest decline among benchmark indices in the Asia-Pacific after the New York-based Conference Board revised down an estimate for China's growth and the country's manufacturing expanded at a slower-than-expected pace.
Hong Kong's Hang Seng Index slipped 3.8 per cent.
Japan's Nikkei 225 Stock Average lost 5.5 per cent.
Australia's S&P/ASX 200 Index dropped 4 per cent, while South Korea's Kospi Index sank 3.4 per cent.