Asian Stocks Extend Global Slump as Europe, Commodities Tumble

from Bloomberg:



Asian Stocks Extend Global Slump as Europe, Commodities Tumble

By Patrick Rial

Jan. 22 (Bloomberg) -- Asian stocks extended a global slump after tumbling commodities prices and a plunge in European shares added to concern world economic growth is faltering.

BHP Billiton Ltd., the world's biggest mining company, and Rio Tinto Group, the third largest, tumbled in Sydney, helping push Australia into its first bear market for almost six years.

Sony Corp., the second-largest consumer electronics maker, and Samsung Electronics Co., South Korea's largest exporter, may fall.

The MSCI Asia Pacific Index slipped 0.4 percent to 140.67 at 8:35 a.m. in Tokyo, bringing its loss this year to 11 percent. New Zealand's NZX 50 Index, Asia's first market open for trading, slumped 3.3 percent in Wellington. Australia's S&P/ASX 200 Index tumbled 3.1 percent to 5,406.20 in Sydney, taking the decline from its Nov. 1, 2007, high to 21 percent.

``Losses are causing investor sentiment to take a turn for the worse,'' Terunobu Kinoshita, who helps manage $785 million at Fund Creation Co. in Tokyo, said in an interview with Bloomberg Television. ``Previously investors had drawn comfort from the strength of emerging markets and European shares.''

Japan's Nikkei 225 Stock Average futures plunged 3.2 percent to 12,895 in late trading in Singapore yesterday after India's market fell by the most in four years. Europe's Dow Jones Stoxx 600 Index sank 5.7 percent yesterday, pushing it into a bear market. .....(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aNZT0yR7joxc&refer=home

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