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Asia stocks track US lower amid earnings fears
Asian markets retreat after Wall Street weakness amid earnings jitters; HK tumbles 4 pct
Jeremiah Marquez, AP Business Writer
Wednesday April 8, 2009, 12:39 am EDT
Buzz up! Print HONG KONG (AP) -- Asian stock markets fell sharply Wednesday, with Hong Kong's index tumbling 4 percent, as fears over company profits amid the global recession prompted investors to lock in gains from a recent rally.

Investors unloaded shares across most industries, from banks to energy firms and airlines, after a second day of weakness on Wall Street that stirred talk of an end to the huge monthlong advance in global equities since March.

Markets were on edge as U.S. firms began releasing their first-quarter results, with giant aluminum maker Alcoa reporting a wider-than-expected loss as prices for the lightweight metal plunged amid softening demand. It was a bleak start to the earnings season -- and added to anxiety that the recession's toll on major companies could be worse than many already fear.

There were also renewed worries about the health of banks. Markets were focused on reports the International Monetary Fund may sharply increase its estimate of toxic asset losses at financial institutions around the world. A relatively slow start to U.S. measures to soak up certain securities and spur more lending also weighed on investors.

Most investors have been girding for a downward move.

"The last four weeks were detached from fundamentals and driven by a swing in sentiment," said Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong. "Sentiment is negative and shaky right now."

Japan's Nikkei 225 stock average fell 241.54 points, or 2.7 percent, to 8,591.31, while Hong Kong's Hang Seng plummeted 592.78 points, or 4 percent, to 14,336.19.

Elsewhere, South Korea's Kospi lost 2.5 percent to 1,267.87. Stock measures in Shanghai, Australia, Taiwan and Singapore all lost about 2 percent.

Overnight on Wall Street, the Dow dropped 186.29, or 2.3 percent, to 7,789.56. The blue chip index had been down nearly 214 points at its low of the day. The Standard & Poor's 500 index fell 19.93, or 2.4 percent, to 815.55.

U.S. markets were headed for another round of selling after Wall Street futures fell. Dow futures lost 91 points, or 1.2 percent, to 7,671 and S&P500 futures slipped 9.1, or 1.1 percent, to 804.90.

Oil prices dropped in Asia as crude markets followed equities down on waning optimism the U.S. economy will soon recover from a severe recession. Benchmark crude for May delivery fell 89 cents to $48.26. The contract fell $1.90 on Tuesday to settle at $49.15.

In currencies, the dollar slipped to 100.18 yen from 100.66 yen. The euro fell to $1.3209.