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Asian stocks add to global falls
TOKYO, Japan (CNN) -- Markets in Asia are lower at midday Tuesday, taking their lead from the big falls among U.S. and European stocks on Monday as pessimism about the war in Iraq takes hold among some investors. Adding to the pressure is a rebound in the price of oil, up from four-month lows to $28.66 a barrel for benchmark light crude on the New York Mercantile Exchange. Japan's broad Topix index is down more than 1 percent at the midday break, as is Hong Kong. There are bigger falls in South Korea and Taiwan, while the declines in Australia and New Zealand are restricted to less than 1 percent. After dipping at the opening bell, Singapore's Straits Timex index is just in the black, up 0.01 percent to 1299.70. Tokyo's Nikkei 225 is down 0.7 percent to 8376.70 at the end of the morning session, as exporters such as Sony, Toyota and Canon take a tumble. They and other big exporters had led the gains in the previous day's trading. Tokyo's biggest stock, mobile phone company NTT DoCoMo, is 2.5 percent lower at 235,000 yen. Big consumer electronics stocks Hitachi and Toshiba are both down more than 3.5 percent and Sanyo is off 5.2 percent. Japanese airlines JAL and ANA, which racked up impressive gains on Monday, are giving a little ground. Banks, too, are easier, with UFJ Holdings and Sumitomo Mitsui Financial Group both off more than 3 percent. After a national holiday on Friday, Japan's market caught up with the rest of Asia on Monday, with automakers, banks and tech-related stocks making sharp gains. The Nikkei 225 finished almost 3 percent higher to 8435.07, its largest percentage gain in four months. But traders in Asia are skittish on Tuesday after the big falls on Wall Street, where the Dow Jones industrial average fell 3.61 percent -- its worst selloff in almost six months -- and the Nasdaq composite lost 3.66 percent. (Full story) European markets also were pummeled, with London's FTSE down more than 3 percent and Paris and Frankfurt slumping more than 5 percent. (Full story) Also weighing on investors' minds in Tokyo is an emergency meeting Tuesday of the Bank of Japan, which is looking at new monetary policy measures. (Full story) Australia, Korea weaker
In Australia, the S&P/ASX200 is 0.66 percent weaker in early afternoon trade Tuesday, driven down by a 2.75 percent fall in the market's biggest stock, News Corp. The media giant, which makes most of its money in the United States, fell to A$10.62 as pessimism about the war in Iraq gripped Wall Street overnight. Resources leader BHP Billiton has fallen 1.91 percent to A$9.22 and national carrier Qantas is down 2 percent to A$3.37. Big banks are also lower, while funds manager and insurer AMP is off 3 percent to A$7.31. New Zealand's Top 50 is 0.8 percent lower at 1901.04 near the close, with Telecom New Zealand off 0.69 percent to NZ$4.30. South Korea's Kospi index is sharply lower, down 2.26 percent to 557.06. Along with the war in Iraq, Seoul's market has to factor in tensions with North Korea. At the weekend, North Korea cancelled economic cooperation talks with the South that were to take place in Pyongyang this week. It cited the South's "aggressive" posture in moving to a higher military alert. (Full story) Big chipmaker Samsung Electronics, the market's biggest stock, is down 2.4 percent to 305,500 won and big exporter Hyundai Motor is off more than 3.3 percent to 24,800 won. Mobile phone leader SK Telecom is also about 3.1 percent lower to 154,000 won. Taiwan's Taiex opened more than 2 percent lower before recovering a little to be down 1.37 percent at 4509. Chip foundry TSMC is down almost 3 percent to T$47.10. Singapore's Straits Times is flat, trending just into the black. Big stocks SingTel, Singapore Airlines and DBS are all slightly lower. Hong Kong's Hang Seng index is 1 percent lower at 9014 heading towards midday.
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