Market Report – Nikkei Tanks as Growth Worries Rise

In today’s market report… Asian stock markets slipped, pulled lower by new growth worries. Australian stocks were weighed down by political uncertainty.

Growth stocks like miners and banks led Sydney shares lower, after U.S. jobless claims hit a nine-month high and manufacturing activity contracted.

Surfwear maker Billabong tumbled 10% after posting a profit dip.

Fears of a hung parliament weighed on stocks as well, after a new poll showed the ruling labor and conservatives neck-and-neck ahead of Saturday’s federal election.

Australia’s All-Ordinaries was down by over 1.5% in early afternoon trade.

Japanese exporters tumbled as the yen firmed on the prospect of growth stalling in the U.S., the biggest Japanese export market.

But continuing speculation that the government may intervene in the yen’s rise helped limit the slide in Tokyo’s Nikkei.

Better-than-expected GDP data and a growth forecast upgrade also limited falls in Taiwan, but investors sold technology stocks on fears of weak demand.

Stocks in Shanghai gave up all of Thursday’s gains, led lower at midday by banking and real estate shares.

Foto: NTDTV