The Nikkei 225 average in Japan was down ~3.4%% at 9,334 while the Shanghai Composite index in China was down 1.7% at 2,638. The Hang Seng in Hong Kong dropped ~4.3% to 20,950.
Asian stock indices tumbled on Friday, tracking the overnight losses on Wall Street and European markets, as global investors ran for cover amid increasing fear of a steep downturn in the US and other major developed economies.
The MSCI Asia Pacific Index lost 3.2% as of 11:20 a.m. in Tokyo. It is set for its largest weekly decline since October 2008.
The Nikkei 225 average in Japan was down ~3.4%% at 9,334 while the Shanghai Composite index in China was down 1.7% at 2,638. The Hang Seng in Hong Kong dropped ~4.3% to 20,950.
The Kospi in South Korea was down ~3% at 1,959. The Taiex in Taiwan was down 4.4% at 7,951. The Straits Times index in Singapore was down ~3% at 3,014.
The S&P/ASX 200 index in Australia was down ~3.9% at 4,108. The NZX 50 in New Zealand was down ~2.7% at 3,287.
A series of weak economic data points has heightened concerns about the state of major economies like the US and the eurozone. European shares tumbled and US stocks fell into correction mode on Thursday.
The European Central Bank (ECB) resumed bond purchases in a bid to keep the region’s debt crisis from worsening, just hours after the Bank of Japan (BOJ) expanded its asset-purchase program and Japanese monetary authorities intervened to depress the yen.
Crude oil futures fell in New York and was headed for the biggest weekly decline in three months. It also wiped out gains for the year, on speculation that fuel demand will falter amid moderation in the US and other advanced economies.
Gold futures fell from a record $1,684.90 an ounce as some investors sold the metal to cover losses in other markets. Silver posted the biggest drop in almost three months.
Wheat extended losses after plunging by the most in five weeks and corn dropped for a third day.
The dollar and Swiss franc headed for weekly gains against a majority of their most-traded peers.
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