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Asian stocks slide on gloomy US news
Asian stocks slide on gloomy US economic outlook, overnight Wall Street declines

By Joe Mcdonald, AP Business Writer
On 1:53 am EDT, Thursday October 29, 2009
Buzz up! 4 Print.BEIJING (AP) -- Asian stock markets fell for a third day Thursday after a Wall Street sell-off on signs of weakness in the U.S. housing market triggered fears about the health of the global recovery.


AP - A man checks his mobile in front of at an electronic stock board in central Tokyo Thursday, Oct. ...
Tokyo, Hong Kong, Shanghai and Seoul all lost about 2 percent or more after a U.S. government report showed new home sales fell unexpectedly in September for the first time since March. That fueled fears the housing rebound was driven solely by government policies that are being withdrawn before the private sector recovers.

"This really increased nervousness about the health of the global recovery and market valuations," said Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong.

Tokyo's Nikkei 225 index was down 200.2 points, or 2 percent, at 9,879.37 points while China's benchmark Shanghai Composite Index shed 2.1 percent to 2,967.52.

Taiwan's Taiex suffered the region's biggest decline, falling 3 percent, and Hong Kong's Hang Seng was down 2.4 percent at 21,235.88.

Adding to investor nervousness was Norway's decision Wednesday to become the first European country to raise interest rates since the crisis began, Kowalczyk said. That prompted worries governments might be withdrawing stimulus measures before private sector activity has fully recovered, he said.