Asian stocks weighed down by Europe fears

Asian stocks weighed down by Europe fears
AP
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First Published: Tue, May 25 2010. 07 50 AM IST
Updated: Tue, May 25 2010. 07 50 AM IST
Tokyo: Asian stock markets fell sharply in early trading Tuesday, extending an equity sell-off that sent Wall Street lower overnight.
Renewed worries about Europe’s debt problems and a shaky euro rattled already anxious investors, who grew more uncertain about the outlook for the US and global economies.
Japan’s Nikkei 225 stock average shed 1.9% to 9,570.81, while South Korea’s Kospi lost 2% to 1,573.05. Benchmarks in Australia, Taiwan and New Zealand also retreated.
In New York Monday, the Dow Jones industrials fell 1.2% to 10,066.57, its lowest close since 10 February.
In currencies, the dollar slipped to ¥90.02 from ¥90.22 late on Monday. The euro fell further to $1.2297 from $1.2342.
The 16-nation currency has become a symbol of investors’ concern about the continent’s economy. Traders have been dumping the euro on fears that massive debts will cause a default by a weaker country in the European Union.
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First Published: Tue, May 25 2010. 07 50 AM IST
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