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Asian markets continue big falls Asian markets continue big falls
(about 2 hours later)
Asian shares have fallen in Tuesday trading, echoing declines in both the US and Europe following a downbeat World Bank report. Asian shares fell in Tuesday trading, echoing declines seen in both the US and Europe on Monday following a downbeat World Bank report.
Japan's main Nikkei index was 3.4% lower, while Hong Kong's Hang Seng had shed 3.2%, after the World Bank study said emerging economies are slowing. Japan's main Nikkei index ended 2.8% lower, while Hong Kong's Hang Seng lost 2.9%, after the World Bank study said emerging economies were slowing.
The report also hit global oil and metal prices, with firms in those sectors leading the share falls.The report also hit global oil and metal prices, with firms in those sectors leading the share falls.
US light crude was down $1.10 to $66.40 a barrel in early Tuesday trading. US light crude was down 85 cents to $66.65 a barrel in Tuesday trading.
On Monday it had fallen by $2.76 a barrel. London's Brent crude also continued to slide, dropping a further 98 cents to $66 a barrel. On Monday it had fallen by $2.76 a barrel. London's Brent crude also continued to slide, dropping a further 83 cents to $66.15.
The US's Dow Jones share index fell 2.4% on Monday, while the UK's FTSE 100 index shed 2.6%.The US's Dow Jones share index fell 2.4% on Monday, while the UK's FTSE 100 index shed 2.6%.
'Surprised people''Surprised people'
The World Bank said it expected GDP in developing countries to grow by just 1.2% this year, compared with 5.9% in 2008 and 8.1% in 2007.The World Bank said it expected GDP in developing countries to grow by just 1.2% this year, compared with 5.9% in 2008 and 8.1% in 2007.
Australian shares were also lower on Tuesday, with the main index there dropping 3%.Australian shares were also lower on Tuesday, with the main index there dropping 3%.
Energy analyst Ben Westmore of National Australia Bank in Melbourne said the World Bank report had come as an unpleasant surprise.Energy analyst Ben Westmore of National Australia Bank in Melbourne said the World Bank report had come as an unpleasant surprise.
"Financial markets were expecting a quicker recovery [to the global economy], so for the World Bank to make such a large revision down surprised people," he said."Financial markets were expecting a quicker recovery [to the global economy], so for the World Bank to make such a large revision down surprised people," he said.