Economics
Asian Stock Rout Deepens as Japan, Australia Bear Markets Loom
- Nikkei 225, S&P/ASX 200 indexes down 19% from 2015 peaks
- Oil price below $30 a barrel for first time in 12 years
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Asian stocks fell, with Japanese and Australian shares on the cusp of joining China in a bear market, as a continuing collapse in oil prices heightened concern over the strength of the global economy.
The MSCI Asia Pacific Index lost 1 percent to 118.91 as of 6:59 p.m. in Hong Kong, extending this year’s slide to 9.9 percent. Japan’s Nikkei 225 Stock Average declined 1.1 percent after plunging as much as 2.8 percent in early trading, while Australia’s S&P/ASX 200 Index slipped 0.7 percent. Both are down 19 percent from their 2015 peaks, approaching the 20 percent level that would send them into bear markets.