Asian shares, oil prices tumble on growth worries

 

Asian shares shuddered and Brent crude oil prices tumbled to their lowest since 2010 on Friday after weak German export data raised fears that Europe's economic woes could drag down the global economy.

A bleak market day dawned in Europe, where futures for the Euro STOXX 50, the UK's FTSE 100, Germany's DAX and France's CAC were all down more than 1 percent, indicating that opening losses were likely.

According to reuters, MSCI's broadest index of Asia-Pacific shares outside Japan shed 1.5 percent in late afternoon trade, leaving it down 0.8 percent for the week.

Japan's Nikkei share average ended down 1.2 percent as the yen strengthened on safe-haven bids, and skidded 2.6 percent this week. Japanese markets are closed on Monday for a holiday.

Hong Kong's Hang Seng Index was down 1.8 percent, undermined by global growth fears as well as concern about a possible flare-up in pro-democracy protests there after students said they would maintain their campaign after the city government cancelled talks.