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Asian stocks tumble after Wall Street rout

SYDNEY: Asian equity markets were sharply down early on Tuesday as investors fearing a possible global economic slowdown continued to flee stocks. Oil fell below USD 78 per barrel, toppling to its lowest price of the year on concerns that a slowing global economy could crimp demand for fuel. Japans Nikkei 225 index plunged 4.4 per cent to 8,694.31 in the morning session, while Hong Kongs Hang Seng index plummeted 7.3 per cent to 18,998.51. South Koreas Kospi index plummeted 8.2 per cent to 1,716.05. Elsewhere, Australias benchmark S&P/ASX-200 index lost 4.5 per cent to 3,806.70. Taiwans TAIEX dropped 4.9 per cent and New Zealands benchmark NZX 50 index shed 3.8 per cent. Michael McCarthy, chief strategist at Sydney-based stockbroker CMC Markets, attributed the market turbulence to fears that the US economy was slowing down. Were clearly in fear territory, McCarthy said. The major driver here seems to be weakness in the US economy. There are fears that its starting to stall and if thats the case, the whole global growth scenario could fall over.

                                                                                                               
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