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Asian markets hit by credit woes World markets hit by credit woes
(about 8 hours later)
Asian markets have plunged amid renewed fears about the US economy, echoing heavy falls on Wall Street. US markets were mixed in early Friday trading as fears remained about the full impact of the sub-prime crisis on the economy.
Japan's Nikkei index lost 2.1%, or 352.9 points, to close at 16,517.5, while Hong Kong's Hang Seng fell 3.2%. The Dow Jones index, which lost 2.6% on Thursday, slipped a further 0.4%, but the tech-heavy Nasdaq was up 0.5%.
Earlier the Dow Jones had shed 2.6%, after two leading banks had their ratings downgraded by brokers. Earlier, Asian shares took a hammering with Japan's Nikkei index losing 2.1%, while Hong Kong's Hang Seng fell 3.3%.
There are also concerns that US interest rates may not drop further after the Federal Reserve warned of a risk of inflation after its latest cut. In Europe, the FTSE 100 fell 1% while Germany's Dax lost 0.7% and France's Cac-40 slid 0.4%.
The price of oil, which climbed above $96 a barrel on Thursday before retreating to around $93, had also made investors nervous. Analysts said US figures released on Friday indicated that the economy was weathering woes in both the housing and credit markets.
Figures from the US Labor Department showed that 166,000 jobs had been created in October, while the Commerce Department said new orders at US factories unexpectedly rose by 0.2% in September, boosted by gains in machinery and computer orders.
Oil nerves
European and Asian shares had earlier fallen - largely on the back of Thursday's Wall Street losses.
There were also concerns that US interest rates might not drop further after the Federal Reserve warned of inflationary risks after its latest cut.
The price of oil, which climbed above $96 a barrel on Thursday and was trading at about $93.50 on Friday, had also made investors nervous, analysts said.
Elsewhere, shares in Shanghai shed 2.3%, Australian stocks dropped 1.9% and Singapore's leading index fell back 2.5%.Elsewhere, shares in Shanghai shed 2.3%, Australian stocks dropped 1.9% and Singapore's leading index fell back 2.5%.
Spending tightened The BBC Global 30, which tracks stocks worldwide, slipped 0.9%, having fallen 1.6% on Thursday.
While stocks in the US had risen on Wednesday after the Federal Reserve opted to cut rates to 4.5% from 4.75%, by Thursday fears about the credit crisis and the wider economy dominated markets.
Data released by the Commerce Department suggested that consumers had tightened their spending in September - a signal of the slowing economy.
In addition, CIBC World Markets downgraded two leading US finance firms - Citigroup and Bank of America - sending their shares down by 6.8% and 5.4% respectively.
The BBC Global 30, which tracks stocks worldwide, slipped 1.55%. The Standard & Poor's 500 Index ended down 2.6% at 1,508.44 while the Nasdaq Composite Index fell 2.2% to end at 2,794.83.
Concern about the fallout from the sub-prime mortgage crisis was set to linger for some while yet, said Yasushi Hoshi, a strategist at Daiwa Securities.
"The worst (losses from credit crunch) are priced in for the July-September quarter, but the sub-prime mortgage jitters won't be completely gone in the near term," he said.