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http://biz.yahoo.com/rf/040517/markets_global_2.html
Reuters
GLOBAL MARKETS-Asia stocks tumble, oil hits new high
Monday May 17, 2:44 am ET
By Ian Geoghegan
SINGAPORE, May 17 (Reuters) - Asian stocks tumbled on Monday, on fears that record high crude oil prices, a slowing Chinese economy and an early U.S. interest rate hike would choke off economic growth.
India's stock market was in free-fall on political uncertainties and trading was suspended after stocks slid 15.5 percent, wiping out $40 billion in market value. Stocks in oil-dependent South Korea, Taiwan and Japan dropped three to five percent.
Financial market bookmakers expected Europe's leading exchanges to open about 0.5 percent lower, while Nasdaq 100 futures were off more than one percent, pointing to Wall Street falls.
The U.S. dollar eased against both the euro and the Japanese yen, pushing up the price of safe-haven gold. Crude oil notched up to a fresh high, while Japanese government bonds gained as investors fled stocks.
Taiwan's main TAIEX (Taiwan:^TWII - News) share index slumped 5.1 percent to a nine-month closing low, hit by the oil price surge and a warning by China that it would crush any independence moves by President Chen Shui-bian "firmly and thoroughly at any cost".
Seoul's benchmark Korea Composite Stock Price Index (KOSPI) (KSE:^KS11 - News) dived 5.14 percent to a seven-month low of 728.98, while Tokyo's Nikkei stock average (^N225 - News) fell 3.18 percent to 10,505.05 -- down 13.6 percent since hitting a 33-month closing high on April 26.
Crude oil futures (CLc1) hit an all-time high of $41.65 a barrel, up 27 cents from Friday's New York close. There are worries that tight world oil supply may fail to meet peak summer driving demand for gasoline in the United States.
The Dow Jones industrial average (^DJI - News) notched its third straight weekly fall on Friday as investors fretted about rocketing oil prices and rising interest rates.
An MSCI index of Asian markets beyond Japan (^MSCIAPJ - News) was down 2.97 percent, its lowest since October.
Bombay's 30-share Sensex index (Bombay:^BSESN - News) crashed 15.5 percent, or 786 points, after falling six percent on Friday. News that smaller communist parties would not join a new Congress-led government added to uncertainty over the pace of privatisations and economic reform. India was Asia's best performing market after Thailand in 2003.
"There's a lack of buyers, volumes are thin, and everyone's in a panic," said Navin Roy, a dealer at TAIB Securities. "We need the Congress party to make a strong statement affirming its commitment to the reform process."
Matsushita Electric Industrial Co (Tokyo:6752.T - News), which makes Panasonic products, shed 2.75 percent after earlier gaining on a newspaper report it and Toray Industries Inc (Tokyo:3402.T - News) would invest 90 billion yen ($786 million) to build the world's biggest plasma display panel (PDP) factory and quadruple output.
UFJ Holdings Inc (Tokyo:8307.T - News), the smallest of Japan's "big four" banks, lost over 10 percent on reports it would post a net loss in its business year which ended in March.
Financial and industry sources told Reuters UFJ may cut its earnings estimate for the year that ended in March for a second time due to the rising cost of cleaning up bad loans. Local media said UFJ Bank's president and other top executives may quit.
By 0612 GMT, the dollar was at 113.80 yen (JPY=), down almost one yen from the day's high of 114.65 yen, with dealers citing selling related to interest payments on U.S. Treasury bonds.
The euro traded at 136.15 yen (EURJPY=R) close to a two-month high of 136.25. Against the dollar, the single currency (EUR=) firmed to $1.1966.
Analysts said the dollar's slip, coming after Friday's weaker-than-expected U.S. consumer sentiment data, would probably be only temporary as that report was unlikely to alter the prospect of higher U.S. interest rates.
The yield on the benchmark 10-year Japanese government bond (JGB) (0#JPTSY=JBTC) fell over three basis points from Friday's level to 1.455 percent.
JGBs have benefited from the view that higher interest rates in the United States and China might put the brakes on economic growth and hurt corporate profits -- a view that has depressed the Tokyo stock market.
Spot gold (XAU=) firmed over $3 an ounce to $379.50.