Asian stocks dive on economic fears

Key markets plunge by more than five per cent on fears of deepening US recession.

    Major Japanese firms such as car maker Toyota have cut jobs and slashed production [EPA]

    The global slowdown has hit Japanese factories hard, with big firms such as car maker Toyota and electronics firm Sony slashing production and cutting jobs.

    "A continued flow of bad economic data is pointing to steeper global recession, worsening concerns about corporate earnings," Lee Sun-yeob, a market analyst at Goodmorning Shinhan Securities, told the Reuters news agency.

    A flood of negative news about international banks also reignited worries about the financial system, weighing on the markets.
     
    "Increasingly bearish prospects for global banks' results are also pressuring sentiment," Lee said.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Take a tour through divided Jerusalem

    Interactive: Take a tour through divided Jerusalem

    Take a tour through East and West Jerusalem to see the difference in quality of life for Israelis and Palestinians.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.