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Asian markets join global slide on growth concerns Asian markets join global slide on growth concerns
(about 1 hour later)
Asian markets are heading for their fifth day of losses over concerns about the health of Western economies following weak manufacturing data. Japanese stocks closed sharply lower on Thursday after weak manufacturing data out of the US and Europe raised concerns about the global economy.
Wall Street closed lower after a closely-watched monthly survey showed US factory output expanded at a slower pace than expected. Japan's Nikkei 225 fell 2.6% while the broader Topix plunged 2.9%.
The data came after a Markit survey showed eurozone manufacturing activity hit a one-year low in September. US stocks had also ended lower after a closely-watched monthly survey showed US factory output expanded at a slower pace than expected.
Japan's Nikkei 225 closed 2.6% lower while the broader Topix plunged 3%. A Markit survey also showed eurozone manufacturing activity hit a one-year low in September.
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.
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".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.""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."
Japan's biggest exporters suffered the worst falls after the Japanese yen strengthened in value against the US dollar, eating into their profitability.
The Japanese government has been trying to weaken the yen to make them more competitive overseas.
Toyota led the declines with a 3.5% drop, Sony lost 3.3% and All Nippon Airways plunged 4.8%.
Elsewhere in the region, South Korea's Kospi ended 0.8% lower while Australia's S&P/ASX 200 closed 0.7% lower.
Markets in Hong Kong and mainland China were closed for a public holiday.
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, analysts 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.