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| Version 0 | Version 1 |
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| Asian shares slump on credit woes | Asian shares slump on credit woes |
| (20 minutes later) | |
| Asian shares have fallen sharply after data signalled that the US housing market was deteriorating. | Asian shares have fallen sharply after data signalled that the US housing market was deteriorating. |
| India's Sensex index shed 5%, while Japan's benchmark Nikkei 225 index closed 3.3% lower and the broader Topix index declined 3%. | |
| Hong Kong's Hang Seng index fell 2.9% and Taiwan's Taiex dropped 1.47%. | Hong Kong's Hang Seng index fell 2.9% and Taiwan's Taiex dropped 1.47%. |
| US figures showing a record number of home repossessions renewed fears over the state of the world's largest economy, stoking fears of a recession. | US figures showing a record number of home repossessions renewed fears over the state of the world's largest economy, stoking fears of a recession. |
| Repossessions | Repossessions |
| The number of US home repossessions, and the speed at which they were being repossessed, hit record levels in the fourth quarter of 2007, figures from the Mortgage Bankers Association showed on Thursday. | The number of US home repossessions, and the speed at which they were being repossessed, hit record levels in the fourth quarter of 2007, figures from the Mortgage Bankers Association showed on Thursday. |
| Separate data from the US Federal Reserve revealed that American citizens' debt was higher than their equity for the first time in more than 50 years. | Separate data from the US Federal Reserve revealed that American citizens' debt was higher than their equity for the first time in more than 50 years. |
| The Dow Jones Industrial Average had closed 1.75% lower on Thursday, while the Standard & Poor's 500 index shed 2.20% and the Nasdaq dropped 2.3%. | The Dow Jones Industrial Average had closed 1.75% lower on Thursday, while the Standard & Poor's 500 index shed 2.20% and the Nasdaq dropped 2.3%. |
| "There are still serious concerns about credit markets, particularly about where the US economy is heading," said Tony Russell, senior equities adviser at ABN AMRO Morgans in Australia. | "There are still serious concerns about credit markets, particularly about where the US economy is heading," said Tony Russell, senior equities adviser at ABN AMRO Morgans in Australia. |
| "We're probably close to re-testing our lows seen earlier this year." | "We're probably close to re-testing our lows seen earlier this year." |
| Asia relies heavily on the US for exports, adding to concerns that a slowdown would hit blue-chip firms in places including Japan. The weakening dollar compounds the problem by making local goods relatively more expensive than US items. | Asia relies heavily on the US for exports, adding to concerns that a slowdown would hit blue-chip firms in places including Japan. The weakening dollar compounds the problem by making local goods relatively more expensive than US items. |
| "If the dollar weakens further on worries over a slowdown in the US economy, investors may be buying defensive shares like food and drug shares, since exporters are not an option," said Kyoya Okazawa, who heads equity research at Credit Suisse. | "If the dollar weakens further on worries over a slowdown in the US economy, investors may be buying defensive shares like food and drug shares, since exporters are not an option," said Kyoya Okazawa, who heads equity research at Credit Suisse. |