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Asia stocks slide amid worries over earnings, debt

Asia stocks slide amid worries over earnings, debt

Asian stock markets dropped Friday as disappointing company forecasts and growing concerns about debt-laden European nations shook investor hopes for a quicker global recovery.
The downward trade across most of Asia, following strong gains the day before, marked a return to heavy selling that's pulled markets worldwide lower over in the past week.
Lackluster outlooks from major U.S. technology companies Qualcomm Inc. and Motorola Inc. exacerbated worries that global demand and corporate earnings, after improving in 2009, could prove weaker than expected this year.
Investors were also unnerved by rising debt levels in European countries like Greece and Portugal. Moody's ratings agency added to fears that have dragged the euro to multi-month lows by warning Portugal's credit rating could suffer unless its deficit was reduced.
In Japan, the Nikkei 225 stock average tumbled 216.25 points, or 2.1 percent, to 10,198.04. Hong Kong's Hang Seng index slid 363.06, or 1.8 percent, to 19,993.31, and South Korea's Kospi fell 40 points, or 2.4 percent, to 1,602.43.
India's market shed 1.6 percent and Shanghai was down 0.3 percent. Australia's benchmark tumbled 2.2 percent, its resource-heavy market dragged lower by falling commodity prices as the dollar strengthened on buying from investors looking for safe havens.
Another bout of selling in the U.S. further weakened sentiment.
The Dow fell 115.70, or 1.1 percent, to 10,120.46. The Standard & Poor's 500 index fell 12.97, or 1.2 percent, to 1,084.53, while the Nasdaq fell 42.41, or 1.9 percent, to 2,179.00.
In currencies, the euro continued to slide, falling to $1.3938 from $1.3976. The dollar was little changed at 89.97 yen from 89.87 yen.
Oil prices lingered near a six-week low below $74, with benchmark crude for March delivery up 7 cents to $73.71 a barrel. The contract lost 3 cents to settle at $73.64 on Thursday, the lowest since Dec. 14 when crude dropped to $73.46.


Updated : 2021-01-17 15:34 GMT+08:00