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Asian markets join global slide on growth concerns Asian markets join global slide on growth concerns
(34 minutes later)
Asian markets are heading for their fifth day of losses over concerns about the health of Western economies following weak manufacturing data.Asian markets are heading for their fifth day of losses over concerns about the health of Western economies following weak manufacturing data.
Wall Street closed lower after a closely-watched monthly survey showed US factory output expanded at a slower pace than expectated. Wall Street closed lower after a closely-watched monthly survey showed US factory output expanded at a slower pace than expected.
The data came after a Markit survey showed eurozone manufacturing activity hit a one-year low in September.The data came after a Markit survey showed eurozone manufacturing activity hit a one-year low in September.
Japan's Nikkei 225 slid 1.6% while the broader Topix dropped 2%. Japan's Nikkei 225 closed 2.6% lower while the broader Topix plunged 3%.
South Korea's Kospi and Australia's S&P/ASX 200 declined by about 1% while Southeast Asian markets also traded lower.South Korea's Kospi and Australia's S&P/ASX 200 declined by about 1% while Southeast Asian markets also traded lower.
Markets in Hong Kong and mainland China were closed for a public holiday.Markets in Hong Kong and mainland China were closed for a public holiday.
Chang Wei Ling from Mizuho Bank wrote in a research note that there were "fears that the eurozone economy is contracting at the same time as the US and UK are entering a soft growth patch".
"This hurt sentiment towards US stocks, which are also weighed by an Ebola scare given news of the first confirmed Ebola case in the US, as well as the start of earnings season."
Meanwhile, Australia reported its trade deficit narrowed to $787m Australian dollars in August, from A$1.4bn the previous month, giving a lift to the Australian dollar.Meanwhile, Australia reported its trade deficit narrowed to $787m Australian dollars in August, from A$1.4bn the previous month, giving a lift to the Australian dollar.
Investors are now set to turn their attention to Europe, where its central bank holds its latest policy meeting on Thursday.Investors are now set to turn their attention to Europe, where its central bank holds its latest policy meeting on Thursday.
However, markets are not expecting European Central Bank president Mario Draghi to announce any new stimulus measures. However, analysts are not expecting European Central Bank president Mario Draghi to announce any new stimulus measures.