Asian shares take a battering as mounting worries about the health of European banks further threatened a global economic outlook already under strain from falling oil prices and slowdowns in China and other emerging markets.
HONG KONG, CHINA (FEBRUARY 12, 2016)(REUTERS) – Asian shares slid on Friday as mounting concerns about the health of European banks further threatened a global economic outlook already under strain from falling oil prices and slowdown in China and other emerging markets.
Hong Kong shares opened over a one percent lower following a poor start to the Chinese New Year, with stocks slipping almost four percent in the previous days trade.
South Korean shares fell more than 1 percent on Friday as equity markets extended their slide on worries over the health of the global economy.
The Korea Composite Stock Price Index (KOSPI) was down 1.4 percent at 1,836.09 points as of 0228 GMT.
Australian shares fell 1 percent on Friday on worries about global growth, which hauled down most stocks except gold miners, which continued to climb as gold prices surged to a one-year high.
The S&P/ASX 200 index was down 49.78 points at 4,772.8 by 0220 GMT, erasing all of the previous session’s gains.