Nikkei: 8,700.29 (–0.94) Hang Seng: 17,592.41 (–418.65) Shanghai Comp: 2,359.22 (–6.12)ASIAN STOCKS fell yesterday, as US economic reports failed to soothe investor concern that growth in the world's largest economy is faltering.
“People are still very uncertain about the macro-economic outlook at this stage and risk-off prevails until greater certainty comes to light in policy response,” said Tim Schroeders, who manages $1 billion in equities at Pengana Capital in Melbourne.
Stocks have plunged amid concern the global economy is poised for another recession as Europe’s debt crisis worsens and US economic growth slows.
Li Fung slumped 3.6 per cent to HK$13.22 in Hong Kong.
Panasonic, which counts the US as its biggest market, dropped 1.2 per cent to ¥754.
Honda fell 1.4 per cent to ¥2,299.
Copper futures lost as much as 1.8 per cent and headed for the biggest quarterly drop since 2008.
Glencore tumbled 8 per cent to HK$48.65.
Jiangxi Copper, China’s largest producer of the metal, sank 4.2 per cent to HK$13.80.
Rio Tinto, a mining company, slipped 1 per cent to A$61.80. – (Bloomberg)
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