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| Version 0 | Version 1 |
|---|---|
| Shares fall on US economy fears | Shares fall on US economy fears |
| (40 minutes later) | |
| Asian shares have fallen sharply in Wednesday trading, echoing overnight declines in the US due to renewed fears about the health of the US economy. | Asian shares have fallen sharply in Wednesday trading, echoing overnight declines in the US due to renewed fears about the health of the US economy. |
| Japan's main Nikkei 225 index closed down 4.7%, or 646 points, at 13,099, while Hong Kong's Hang Seng lost 5.4%. | |
| The spark for the latest market woe was data showing that the US service sector contracted in January for the first time in almost five years. | The spark for the latest market woe was data showing that the US service sector contracted in January for the first time in almost five years. |
| Wall Street's main Dow Jones index ended Tuesday trading down 3%. | Wall Street's main Dow Jones index ended Tuesday trading down 3%. |
| There's a real probability that both the US and Europe will go into recession at the same time Francis Lun, general manager at Fulbright Securities in Hong Kong | There's a real probability that both the US and Europe will go into recession at the same time Francis Lun, general manager at Fulbright Securities in Hong Kong |
| Both the Nasdaq and S&P indexes also lost 3%. | Both the Nasdaq and S&P indexes also lost 3%. |
| The UK's FTSE 100 had earlier finished Tuesday 2.6% lower. | The UK's FTSE 100 had earlier finished Tuesday 2.6% lower. |
| 'Bear market' | 'Bear market' |
| "It's unbridled pessimism," said Francis Lun, general manager at Fulbright Securities in Hong Kong. | "It's unbridled pessimism," said Francis Lun, general manager at Fulbright Securities in Hong Kong. |
| "Everyone is concentrating on a US recession, but Europe is also looking bad. We are in for a bear market now." | |
| The weak US service sector data came from the Institute of Supply Management's index of business activity in the non-manufacturing sector. | The weak US service sector data came from the Institute of Supply Management's index of business activity in the non-manufacturing sector. |
| Its latest reading came in at 41.9, with any number below 50 indicating contraction. | Its latest reading came in at 41.9, with any number below 50 indicating contraction. |
| Economists had forecast a milder decrease to 53. | Economists had forecast a milder decrease to 53. |
| "There's a real probability that both the US and Europe will go into recession at the same time," added Mr Lun. | |
| "It's a financial mess on the two continents with the sub-prime crisis and the SocGen debacle." | "It's a financial mess on the two continents with the sub-prime crisis and the SocGen debacle." |