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2010-02-05 06:49:54
Asian shares have fallen heavily as concerns about government debt levels in
some European countries continue to hit global stock markets.
Japan's Nikkei index slumped almost 3%, while stock markets in Hong Kong, Korea
and China all fell sharply.
On Thursday, the leading US Dow Jones index dropped 2.6%, while key European
markets lost more than 2%.
Debt concerns in Europe were sparked by a lack of demand for government bonds
in Portugal.
This reignited fears that countries such as Portugal and Greece would struggle
to fund their national deficits.
In the US, worse-than-expected weekly levels of unemployment benefit claims
also heightened concerns about the strength of the global economic recovery.
Euro sell-off
"What we're seeing is a wave of panic selling," said Francis Lun at Fulbright
Securities in Hong Kong.
"It's a reaction to crashing European and US markets."
The Nikkei fell 298.9 points to 10,057.1, its lowest level since early
December.
In Hong Kong, the Hang Seng fell 3.1%, while China's Shanghai Composite index
lost 2.4%.
European debt fears also hit the euro, which slid a further 4 cents, or 0.3%,
against the dollar to $1.3715 after falling more than 1.5 cents on Thursday.
"It's very bad sentiment for the euro, it's a sell-off for the euro
definitely," said Lee Sue Ann at United Overseas Bank at Singapore.