By Chao Deng
Stocks markets in Asia fell on Friday, with Australia and Hong
Kong both losing around 2% as oil prices dropped and concerns grew
about the pace of global growth.
The S&P/ASX 200 its sharpest percentage fall this year,
sliding 2.1% to 5,188.3, an eight-month low. Energy stocks fell as
Brent crude, the global oil benchmark, hit its lowest price since
December 2010.
Woodside Petroleum Ltd. was down 2.7%, Santos Ltd. fell 3.5%,
and Oil Search Ltd. shed 4%. Mining heavyweights were also down in
Australia, with BHP Billiton Ltd. and Rio Tinto Ltd. losing 2.7%
and 3%, respectively.
In Hong Kong, the Hang Seng Index fell 1.9% to 23,088.54 after
scheduled negotiations between the government and pro-democracy
protesters were scrapped. The number of demonstrators has dwindled
this week, but could rise again, potentially dealing another blow
to local businesses and causing further transportation
disruptions.
The losses in the region also came after European Central Bank
President Mario Draghi overnight reiterated his commitment to
strong measures for combating low inflation in the eurozone,
spurring expectations of further easing by the ECB. That added to
volatility in global stock markets, where investors have already
been on edge with the prospect of higher U.S. interest rates as
well as a confluence of growth worries around the world, including
in China and Europe.
Stocks in Japan ended down for the third straight week. The
Nikkei Stock Average fell 1.2% to 15,300.55, amid dollar weakness.
The dollar traded at Yen107.80 from Yen107.84 late Thursday in New
York, a move that pushed down stocks of Japanese exporters. Mazda
Motor Corp. was down 2.8% and parts maker Denso Corp. lost
2.5%.
Minutes released Friday from a Bank of Japan meeting showed that
one board member warned of possible negative effects of additional
stimulus, even as many investors expect the bank to expand monetary
stimulus by early next year with inflation well below its target
level. The comment indicated that not all board members were
comfortable with aggressively easing policy further. Any signs of
skepticism among central bankers about the economic effects of
further easing could weaken the impact of such a move, especially
in the minds of market participants.
Elsewhere, the Shanghai Composite Index snapped an eight-session
winning streak, finishing down 0.6% at 2,374.54. South Korea's
Kospi fell 1.2% to 1,940.92.
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