Asian shares tumble as traders fret about global growth outlook
Equities slide as growth concerns take hold, sending US shares and crude oil prices tumbling and driving the dollar up from a two-week low
Tokyo — Asian stocks slid on Wednesday as intensifying concerns about global economic growth gripped financial markets, sending Wall Street shares and crude oil prices tumbling and driving the safe-haven dollar up from a two-week low. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%. The Shanghai Composite index swerved in and out of the red and was last down 0.2%. Australian stocks lost 0.6%, South Korea’s Kopsi retreated 0.85% and Japan’s Nikkei fell 0.7%. US stocks sold off for a second day on Tuesday as energy shares dropped with oil prices, while retailers including Target and Kohl’s sank after weak earnings and forecasts, fuelling worry about economic growth. The Nasdaq closed at its lowest in more than seven months on Tuesday while the S&P 500 and Dow ended at their weakest since late October. “It is difficult to pinpoint a single factor driving the global risk aversion. Apple and trade tensions seem to be touted as factors every other day, but it is diffi...
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