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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Asian shares down after more bad news on Wall Street AFP - Monday, March 2 TOKYO (AFP) - - Asian stocks tumbled early Monday on the back of Wall Street's losing streak as gloom deepened over the global economy and the health of major banks. ADVERTISEMENT Tokyo was down 3.2 percent by lunch and Sydney lost 3.0 percent by midday. Hong Kong opened 2.3 percent lower and Chinese shares were down 1.0 percent. Asian shares started the week on the downbeat note amid worries about the health of large US banks and broader fears over the global economy. In New York last week, the Dow Jones slid 4.1 percent to end Friday at its lowest level since 1997, while the broad-market Standard & Poor's 500 sank to its worst close since December 1996, losing 4.5 percent. The coming week could bring more bad news, with February US auto sales expected to be weak and a payrolls survey expected to show further massive job losses. "There's just no good news," Macquarie Private Wealth associate director David Halliday told Dow Jones Newswires. "The US economy is in the worst shape it's been for probably 50 or 60 years, so it's hard for equities to rally." The Dow has dropped 19.5 percent so far this year while Japan's Nikkei is down 17 percent and Hong Kong's Hang Seng is off almost 13 percent. Investors were disappointed by news of a 6.2 percent contraction in the US economy in the fourth quarter of last year that was far worse than the earlier government estimate of a 3.8 percent decline. Also denting sentiment was an announcement that the US government would own up to 36 percent of Citigroup under a deal to convert up to 25 billion dollars of public capital injected into the ailing bank to ordinary shares. The conversion does not call for more government funds but helps shore up the troubled banking giant's capital position. HSBC suspended trading in its shares, pending an important announcement when it releases its annual results at 0800 GMT. "If HSBC's earnings turn out to be weaker than expected or if it is going to issue a cash call, its share price will continue to dive, dragging down other financial stocks," Peter Lai, sales director of DBS Vickers, said. In Australia, the benchmark S&P/ASX200 hit the lowest intra-day level since December 2003. "Uncertainty is driving the market right now," Man Financial broker Anthony Anderson said. "There's uncertainty about the economy and about what the US government is going to do about the problems." Mining giant Rio Tinto was one of the hardest hit stocks, sliding 6.6 percent on fears its 19.5 billion US dollar tie-up with Chinese state-owned firm Chinalco may not go ahead. Rival BHP Billiton lost four percent. Elsewhere in the region, Seoul fell 3.5 percent, Taipei shed 1.75 percent, Manila slipped 0.3 percent and Kuala Lumpur declined 0.5 percent. burs-fz/dr/dwa Japan's Nikkei stock index fell 3.2 percent on Monday, after Wall Street sank to multi-year lows last week with dampened sentiment over grim economic data and troubled banking giant Citigroup. The benchmark Nikkei-225 index fell 246.23 points to 7,322.19 in mid-morning trade. The drop followed Friday's decline on Wall Street, where the Dow fell to its lowest level since 1997. "The Tokyo market is being hit directly by the lower share prices overseas," said Toshihiko Matsuno, research head at SMBC Friend Securities. "For now, the expected bottom would be around the line of last week's low," slightly above the 7,000 line, he said. The market in New York Friday reacted to worse-than-expected news of a 6.2 percent drop in US economic activity in the fourth quarter. Also denting sentiment was an announcement that the US government would own up to 36 percent of Citigroup under a deal to convert up to 25 billion dollars of public capital injected into the ailing bank into ordinary shares. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy SKorea's Jan industrial output in record fall: govtAFP - 56 minutes ago Asia ex-Japan PC shipment forecast cut 10 pct -IDCReuters - 1 hour 25 minutes ago China Baosteel says it bought control of smaller rivalAFP - 1 hour 49 minutes ago China faces 'severe' year for foreign trade: state mediaAFP - Monday, March 2 Related Articles: Business SKorea's Jan industrial output in record fall: govtAFP - 56 minutes ago FOREX-Dollar gains as AIG rescue news fuels safety buyingReuters - 1 hour 5 minutes ago NSN, Siemens win order in AustraliaReuters - 1 hour 5 minutes ago Turkey - Factors to Watch on March 2Reuters - 1 hour 12 minutes ago India's Reliance Ind share swap for unit, shares fallReuters - 1 hour 15 minutes ago Enlarge Photo Asian shares down after more bad news on Wall Street Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Supermodel Bundchen ties knot with football star Brady Berkshire Hathaway buffeted by downturn Prada and Cavalli give Milan the boot Volkswagen to cut all temporary staff New UBS chief signals flexibility on tax evasion: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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