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Share prices slide again in Asia Share prices slide again in Asia
(about 2 hours later)
Share prices have fallen again on Asian stock markets, continuing a slide that began on Tuesday. Asian share prices have fallen for a third straight session, continuing the global slide triggered on Tuesday.
The Nikkei index in Tokyo was down by 1.15% in morning trading, while the main index in Shanghai fell 1.7%. Tokyo's Nikkei index fell 1.5% in morning trade, Taiwan shares slid 2.8% and Shanghai's main index fell 1.7%.
Markets are waiting nervously to see if pressure will ease, after the record 9% losses in Shanghai on Tuesday triggered a global stock slide. The falls came despite a slight recovery in US stocks on Wednesday which saw the main Dow Jones index close up by 0.4%.
US shares recorded a modest rebound on Wednesday, but markets across Europe and Asia remained deep in the red. Analysts are studying the strength of the US economy to gauge the future direction of global economic growth.
The upturn on Wall Street was not enough to ease the nerves of Asian investors. US developments
Chinese share prices fell again on Thursday morning, despite rising 4% on Wednesday after Tuesday's 9% fall. A raft of economic figures will be released in the US later on Thursday, including data on consumer spending.
According to the Associated Press, the benchmark Shanghai Composite Index fell 1.7% by midday on Thursday. The smaller Shenzhen Composite Index was 0.5% lower. "The biggest risk in the next few weeks is likely to come from the US data front and developments in the mortgage and housing markets," said analysts at JP Morgan Chase.
In Hong Kong, the Hang Seng index was down 0.46%, and in Tokyo the Nikkei index was also down. Wall Street bounced back, but not as much as investors had hoped Renji Motohashi, Shinko Securities class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?threadID=5684&edition=1&ttl=20070228091706">Send us your experiences class="" href="/1/hi/business/6403483.stm">Q&A: World stocks slump
On Wednesday, figures from the US Commerce Department showed that the US economy grew at a slower-than-expected pace of 2.2% in the last three months of 2006.
Other figures showed that spending on new home building fell 19.1% during the quarter, the sharpest drop since early 1991, adding to worries over the state of the housing market in the world's largest economy.
However, US Federal Reserve chairman Ben Bernanke sought to reassure the market on Wednesday that the global slide was not a sign of deeper concerns, and by the close of trade US shares had rebound modestly.
The Dow Jones Industrial Average, which closed down 416 points - or 3.3% - on Tuesday, clawed back 52.39 points, or 0.43%, to end the day at 12,268.63. However, markets across Europe remained deep in the red.
London's FTSE 100 index closed down 114.6 points, or 1.8%, at 6,171.5.
"Wall Street bounced back, but not as much as investors had hoped," said Renji Motohashi of Shinko Securities in Tokyo.
Global sell-offGlobal sell-off
At the end of trading on Wednesday, many other world markets were still suffering from the sell-off sparked by the 9% fall in Shanghai the day before. The current global stock slide was fuelled by speculation that China's government would try to clamp down on illegal share trading and might impose a capital gains tax on stock market earnings.
This sort of move by the market is a little worrying, and it looks like it has been caused by a build-up of concerns in recent days Angus Campbell, Finspreads class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?threadID=5684&edition=1&ttl=20070228091706">Send us your experiences class="" href="/1/hi/business/6403483.stm">Q&A: World stocks slump London's FTSE 100 index closed down 114.6 points, or 1.8%, at 6,171.5. The Shanghai stock market fell 9% on Tuesday, triggering the current wave of sell-offs on world markets.
However the Dow, which closed down 416 points - or 3.3% - on Tuesday, clawed back 52.39 points, or 0.43%, to end the day at 12,268.63. Stock prices and indexes had reached record levels in a number of key world markets, prompting some analysts to fear that shares may have gone too high, too fast.
The current global stock sell-off was fuelled by speculation that China's government would try to clamp down on illegal share trading and might impose a capital gains tax on stock market earnings.
Stock prices and indexes had climbed to record levels in a number of key world markets, prompting some analysts to fear that shares may have gone too high, too fast.
The question facing many investors is how far and how long the fall in prices will last, and whether or not the bull run that has driven stocks and indexes higher has now broken.The question facing many investors is how far and how long the fall in prices will last, and whether or not the bull run that has driven stocks and indexes higher has now broken.
"I see it as a correction within a bull market," said James Hong, head of equity derivatives trading at Dresdner Kleinwort."I see it as a correction within a bull market," said James Hong, head of equity derivatives trading at Dresdner Kleinwort.
The markets were surprised by the speed and size of recent declines"We were looking for some sort of correction overall. It is a little bit surprising to have it all happen at the same time." "We were looking for some sort of correction overall. It is a little bit surprising to have it all happen at the same time."
Even if a market's upwards trend is not broken, a market correction can still be significant, analysts said. Even if a market's upwards trend is not broken, a correction can still be significant.
In May last year, the UK's FTSE 100 lost more than 9% as concerns about high oil prices and political global instability combined to impact on world markets. In May last year, the UK's FTSE 100 lost more than 9% as concerns about high oil prices and political global instability combined to hit world markets.
Some analysts fear the fall in share prices may last a number of weeks rather than days.
"This sort of move by the market is a little worrying, and it looks like it has been caused by a build-up of concerns in recent days," said Angus Campbell, a trader at Finspreads.
"Memories of last May's correction have sent shivers through investors' spines as many market participants have used futures contracts to run for cover."