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Asia shares lower in market selloff Asia shares extend global market selloff
(about 2 hours later)
Asian shares opened down after a slide in stock prices on Wall Street over concerns for the global economy. Asian shares are trading in negative territory after concerns about the global economy spurred a steep slide in stock prices on Wall Street.
US stocks marked their worst decline this year with worries about the eurozone centre stage at the annual IMF-World Bank meetings. US stocks marked their worst decline this year after the head of Europe's central bank said the region's economic recovery may be losing momentum.
In Japan, the Nikkei 225 opened 1.3% lower and the Japanese yen strengthened against the dollar to 107.84. In Japan, the Nikkei 225 fell 1.3% while the broader Topix tumbled 1.5%.
In Australia, shares were leading the downward trend. The Japanese yen strengthened against the US dollar to 107.84 as investors bought into safe haven currencies.
The S&P/ASX200 index was lower almost 2% at 5,190.9 points shortly after opening. Investors were also concerned by weak trade data from Germany, which raised fears of a recession in Europe's largest economy.
There was broad-based selling among mining stocks with Rio Tinto and BHP Billiton both down more than 2% thanks to iron ore prices that have fallen more than 40% this year. Its exports fell 5.8% in August, the worst decline since January 2009, data showed on Thursday.
Investors are also watching local mortgage lending data due later in the day. Over in Hong Kong, shares fell more than 1.4% at the open after the government cancelled talks with pro-democracy protest leaders, who are now calling for more street rallies.
South Korean shares are lower after hitting a five-month low on Thursday. The benchmark Hang Seng index lost 335.73 points to 23,198.80.
The benchmark Kospi index is down 0.9% at 1,948.1 points. On the mainland, the Shanghai Composite fell 0.5% to 2,377.76 ahead of Chinese credit data due later in the day.
Miners hit
In Australia, mining shares lead the downward trend after China said it will levy import tariffs on coal and iron ore prices continued to decline.
The S&P/ASX200 index lower by almost 2% at 5,190.9 points shortly after opening.
There was broad-based selling among mining stocks with Rio Tinto and BHP Billiton both down more than 2%.
South Korean shares resumed trade today after being shut for a holiday on Thursday. The benchmark Kospi index was down 0.9% at 1,948.1 points by mid-morning.
Taiwan's stock market is closed today.