Bank worries see Asian shares slump

Regional shares slide after banking woes in Europe raise worries over global economy.

    Banking woes in Europe deepened the gloom over the outlook for the global economy [AFP]

    Japan's benchmark Nikkei index ended Tuesday's trade down 2.31 per cent, after earlier losing more than 3 per cent.

    Falling commodity prices added to the region-wide pessimism, which hit every Asian market.

    Hong Kong's Hang Seng index was down 2.6 per cent in afternoon trade and Australia's S&P/ASX 200 also closed down 3.14 per cent.

    Benchmarks in South Korea, Taiwan, Singapore and mainland China also retreated.

    Most of Asia's biggest economies are heavily dependent on exports, but demand has plummeted as a result of the downturn, particularly in key markets such as the US.

    Indian shares also fell more than 3 per cent on Tuesday, rattled by concerns of the deepening global economic crisis would trigger more foreign fund outflows.

    The State Bank of India dropped 3.3 per cent to 1,109.50 rupees, and the Housing Development Finance Corporation, a mortgage lender lost 4.4 per cent to 1,478.50 rupees.

    SOURCE: Agencies


    Why some African Americans are moving to Africa

    Escaping systemic racism: Why I quit New York for Accra

    African-Americans are returning to the lands of their ancestors as life becomes precarious and dangerous in the USA.

    What happens when the US government shuts down?

    The US government has shut down. What happens next?

    US federal government begins partial shutdown after Senate blocks short-term spending bill. What happens next?

    Why is the West praising Malala, but ignoring Ahed?

    Why is the West praising Malala, but ignoring Ahed?

    Is an empowered Palestinian girl not worthy of Western feminist admiration?