Thursday, March 20, 2008

US economy woes spark Asia falls

BBC

Hong Kong and Australia shares have tumbled on concerns about the potential repercussions of a US slowdown.

Hong Kong's Hang Seng stock index fell up to 4.4%, following falls in the US on Wednesday. Australia shares fell 3%.

Mining and oil shares were hard hit as fears grew about a potential reduction in the demand for raw materials.

In Singapore trading, gold fell more than 2% to a one-month low of $920.30 an ounce, while US crude oil slid by $1.43 to $101.11 a barrel.

Japan's stock market was closed for a public holiday. Shares in Shanghai and Taiwan rose.

"The US is still the biggest contributor to global growth, so any slowdown will have implications for commodity prices," Jason Teh at Investors Mutual in Sydney said.

At 0800 GMT, the Hang Seng in Hong Kong was down 3.9% at 21,005.28.







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