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| Hong Kong shares sink after Lunar New Year break | |
| (about 1 hour later) | |
| Hong Kong shares joined the downward trend across Asia as trading resumed after the Lunar New Year break. | Hong Kong shares joined the downward trend across Asia as trading resumed after the Lunar New Year break. |
| The Hang Seng closed down 742.37 points or 3.85% to 18,545.80. | |
| Markets in China remained closed for a longer New Year break. Those markets that were open in the region over the past days had all seen hefty losses. | Markets in China remained closed for a longer New Year break. Those markets that were open in the region over the past days had all seen hefty losses. |
| Japanese shares had tumbled in to bear territory after a two-day rout, but the Nikkei is closed on Thursday for a national holiday. | Japanese shares had tumbled in to bear territory after a two-day rout, but the Nikkei is closed on Thursday for a national holiday. |
| The continuing concern over the global economy and China's slowing growth was confirmed by US Federal Reserve chair Janet Yellen in a speech to Congress on Wednesday. | The continuing concern over the global economy and China's slowing growth was confirmed by US Federal Reserve chair Janet Yellen in a speech to Congress on Wednesday. |
| She warned that financial conditions in the US had recently become "less supportive of growth", while China's "unclear" currency policy was fuelling global stock market volatility. | She warned that financial conditions in the US had recently become "less supportive of growth", while China's "unclear" currency policy was fuelling global stock market volatility. |
| "This uncertainty led to increased volatility in global financial markets and, against the background of persistent weakness abroad, exacerbated concerns about the outlook for global growth." | "This uncertainty led to increased volatility in global financial markets and, against the background of persistent weakness abroad, exacerbated concerns about the outlook for global growth." |
| While she said she was confident, China's economy was not facing a "hard landing", Ms Yellen said the overall uncertainty created by the world's second-largest economy was behind some of the steep falls in global commodity prices, which in turn were creating stress for exporting nations. | While she said she was confident, China's economy was not facing a "hard landing", Ms Yellen said the overall uncertainty created by the world's second-largest economy was behind some of the steep falls in global commodity prices, which in turn were creating stress for exporting nations. |
| Auto woes | Auto woes |
| South Korean shares also resumed trade after the new year break and joined the regional downward trend. | South Korean shares also resumed trade after the new year break and joined the regional downward trend. |
| Seoul's Kospi fell sharply by 2.9% to close at 1,861.54 points, after retreating as much as 3.1%, its biggest percentage loss since May 2012. | Seoul's Kospi fell sharply by 2.9% to close at 1,861.54 points, after retreating as much as 3.1%, its biggest percentage loss since May 2012. |
| Car makers were among the worst hit as fresh data showed that vehicle exports dropped by almost 20% in January, because of falling demand in emerging markets. | Car makers were among the worst hit as fresh data showed that vehicle exports dropped by almost 20% in January, because of falling demand in emerging markets. |
| Hyundai, Kia and Ssangyong all lost around 2%. | Hyundai, Kia and Ssangyong all lost around 2%. |
| Australia beats trend | Australia beats trend |
| Australian shares, though, managed to edge higher on Thursday, providing some relief after two days of losses. | Australian shares, though, managed to edge higher on Thursday, providing some relief after two days of losses. |
| The ASX/200 closed 1% higher at 4,821.10 points after losing more than 4% since the beginning of the month. | The ASX/200 closed 1% higher at 4,821.10 points after losing more than 4% since the beginning of the month. |
| Before the market opened, the Virgin Australia airline reported a swing back to half-yearly profit after cutting costs and profiting from lower fuel prices. | Before the market opened, the Virgin Australia airline reported a swing back to half-yearly profit after cutting costs and profiting from lower fuel prices. |
| "All fundamental business metrics are in place for the group to report a profit for the 2016 financial year," Virgin chief executive officer John Borghetti said in a statement. | "All fundamental business metrics are in place for the group to report a profit for the 2016 financial year," Virgin chief executive officer John Borghetti said in a statement. |
| The forecast of full-year profitability comes after two years of net losses. | The forecast of full-year profitability comes after two years of net losses. |
| However, investors seem to have expected better results and remain cautious about the airline's prospects. | However, investors seem to have expected better results and remain cautious about the airline's prospects. |
| Virgin Australia shares fell by more than 6% throughout the day. | Virgin Australia shares fell by more than 6% throughout the day. |