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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 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.
It follows big falls in US and European markets on Thursday, with the Dow Jones dropping more than 2%.It follows big falls in US and European markets on Thursday, with the Dow Jones dropping more than 2%.
After falling more than 3% on Thursday, China's Shanghai Composite index was down 0.4% at 3,649.07.After falling more than 3% on Thursday, China's Shanghai Composite index was down 0.4% at 3,649.07.
Data released on Friday morning showed Chinese factory activity fell to its lowest level in more than six years.
The private Caixin/Markit manufacturing purchasing managers' index (PMI) dropped to 47.1 from 47.8 in July. A figure below 50 shows contraction in the sector and one above means growth.
As domestic and export demand dwindle, Friday's data will likely add to global worries that the Chinese economy is set for a continued slowdown.
In Hong Kong, the Hang Seng index followed the mainland's trend and was 1.8% lower at 22,355.44.In Hong Kong, the Hang Seng index followed the mainland's trend and was 1.8% lower at 22,355.44.
Global market woes
Asia's largest stock market, Japan's Nikkei 225 index dropped 1.9% to 19,646.04.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.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 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% to 1,875.42 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 5,238.60.Australia's S&P/ASX 200 was also in negative territory, falling 1% to 5,238.60.
Shares in oil and gas company Santos recovered after early losses despite its half-year profits coming 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.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.