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Article: Asia stocks tumble amid renewed economy worries
- Article from:
- AP Online
- Article date:
- January 8, 2009
- Author:
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Asian stock markets fell sharply Thursday, with benchmarks in Tokyo and Hong Kong tumbling about 4 percent, as more evidence of company woes and a weak U.S. job market rekindled worries about the unfolding global slump. European markets opened lower.
Every major market in Asian suffered declines, marking an end to a New Year's rally that had been spurred by speculation that massive government spending and low interest rates would lead to an economic rebound later this year.
But hopes seem to fade after dour outlooks from tech heavyweight Intel, computer maker Lenovo and aluminum producer Alcoa, among others, highlighted the toll that the economic slump is taking on companies ...