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US economy fears hit Asian shares US economy fears hit Asian shares
(about 2 hours later)
Asian stock markets have had a negative day, with investors apparently unconvinced by US proposals for an economic stimulus package. European stock markets have suffered sharp losses amid growing fears of a recession in the US.
The Nikkei in Tokyo fell by 3.9% or 535.4 points to 13,325.9, its lowest close since October 2005. By 0845 GMT, London's FTSE-100 index was down more than 2%, in Paris the Cac-40 fell more than 2.5% and in Frankfurt the Dax was down almost 3%.
The Hang Seng in Hong Kong was also down 3.9% in afternoon trading. It was a gloomy Monday in Tokyo too, as the Nikkei fell by 3.9% to its lowest close since October 2005.
On Friday, President George W Bush called for a package including tax incentives for US businesses and direct tax relief for the American people. The markets have taken little comfort from measures to boost the US economy proposed by President Bush on Friday.
The state of the US economy is very important to Asia's biggest companies because American consumers are some of their top customers.The state of the US economy is very important to Asia's biggest companies because American consumers are some of their top customers.
The Hang Seng fell 985.4 points to trade at 24,216.5. In Mumbai stocks were also hit, the Sensex index fell 987 points or 5.2%, adding to an 8% fall last week.
The Hang Seng slumped 1,383.0 points, or 5.5%, to close at 23,818.9,
Australia's benchmark ASX 200 index closed down 2.9% or 166.9 points at 5,580.4, which is its lowest level for a year.Australia's benchmark ASX 200 index closed down 2.9% or 166.9 points at 5,580.4, which is its lowest level for a year.
It was also the 11th consecutive negative day for the index, which has not happened for more than 25 years.It was also the 11th consecutive negative day for the index, which has not happened for more than 25 years.
Markets in China, India, South Korea, Singapore, Taiwan and the Philippines also fell.Markets in China, India, South Korea, Singapore, Taiwan and the Philippines also fell.