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Asian shares continue global downward trend Asian shares continue global downward trend
(about 1 hour later)
Asian stocks saw sharp falls in early trade on Friday as mounting concerns over China's slowing economy continued to affect global markets. Asian stocks saw sharp falls on Friday as mounting concerns over China's slowing economy continued to affect global markets.
Markets in the US and Europe had set the tone on Thursday with big drops on Wall Street as well as in Frankfurt and Paris. It follows big falls in US and European markets on Thursday, with the Dow Jones dropping more than 2%.
Asia's largest stock market, Japan, led the region's equities lower, adding to the declines of the past few days. After falling more than 3% on Thursday, China's Shanghai Composite index was down 0.4% at 3,649.07.
The country's benchmark Nikkei 225 index was down by 1.9% at 19,661.63. In Hong Kong, the Hang Seng index followed the mainland's trend and was 1.8% lower at 22,355.44.
The sell-off stretched across most blue chip stocks, with carmakers Toyota, Nissan, Honda and Mazda all shedding as much as 3% in early trade. Asia's largest stock market, Japan's Nikkei 225 index dropped 1.9% to 19,646.04.
The sell-off in Japan stretched across most blue chip stocks, with carmakers Toyota, Nissan, Honda and Mazda all shedding as much as 3% in early trade.
Among the country's technology giants, Sony saw the sharpest drop with shares down by more than 4%.Among the country's technology giants, Sony saw the sharpest drop with shares down by more than 4%.
Global market woesGlobal market woes
Markets worldwide have become increasingly nervous over prospects for the global economy, especially with signs that the Chinese economy is slowing.Markets worldwide have become increasingly nervous over prospects for the global economy, especially with signs that the Chinese economy is slowing.
The devaluation of China's currency, the yuan, last week took many by surprise, and the Chinese stock market has continued to see big fluctuations despite efforts by Beijing to calm markets.The devaluation of China's currency, the yuan, last week took many by surprise, and the Chinese stock market has continued to see big fluctuations despite efforts by Beijing to calm markets.
In South Korea, the Kospi index followed Tokyo's lead, dropping 2.2% to 1,873.45 with most of the country's main stocks being pulled lower. In South Korea, the Kospi index followed Tokyo's lead, dropping 2% to 1,875.42 with most of the country's main stocks being pulled lower.
Australia's S&P/ASX 200 was also in negative territory, falling 1% to 5,234.10, with most of the country's major banks seeing their share prices slide. Australia's S&P/ASX 200 was also in negative territory, falling 1% to 5,238.60.
Shares in oil and gas company Santos fell more than 5% after its half-year profits came in well below forecasts. Shares in oil and gas company Santos recovered after early losses despite its half-year profits coming in well below forecasts.
Santos shares were up by 2.5% on the news the firm had appointed an executive chairman to try to turn the company's fortunes around.