World Markets
Asian Markets Tumble
TSC Staff
03/05/07 - 06:40 AM EST
Asian markets fell across the board Monday, as the malaise in world markets continued. Some blame for the selling was placed on anxiety ahead of Monday's release of a report on US service industries that could indicate the economy is stalling.
In Japan, the Nikkei lost 575 points, or 3.3%, to 16642.25. Toyota Motors(TM Quote) led the selling, which came in response to Friday's weak US consumer confidence report. Also in Japan, the yen rose again as traders continued unwinding yield-related trades.
The Chinese market shed just over 33 points (1.32%) on the day, while Hong Kong's Hang Seng slid 777 points, a 4% decline. In South Korea, the Kospi was down 38.32, or 2.7% to 1376.61, and in India the Sensitive Index took a 471 point, or 3.7% beating.
U.S. stock-index futures were generally lower ahead of a report on service industry growth that investors fear may add to evidence economic growth is slowing in the world's biggest economy. The expectation is the Institute for Supply Management's index of non- manufacturing businesses fell to 57 in February from 59 in January.