Asian markets hit new lows on global economy worries

Traders are worrying about the state of the eurozone’s and China’s economies.

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By :  ,  Financial Analyst

Asian stocks fell to seven-month lows today (October 13th) as investors worried about the state of the global economy, with China, the eurozone and Japan still struggling.

Traders were spooked by recent weak data from Germany, which raised fears of a recession in Europe's largest economy. Investors were also watching events in Hong Kong as clashes erupted in the city between pro-democracy protesters and masked men.

Official data published today revealed September China exports rose 15.3 per cent year-on-year and imports climbed seven per cent. But while the figures beat expectations, traders are still worried about the strength of world's number-two economy, brokers quoted by AFP said.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8 per cent, while Chinese stocks lost one per cent. Hong Kong’s Hang Seng shed 0.6 per cent and South Korea’s KOSPI fell 0.9 per cent. Australia’s S&P/ASX 200 index lost 0.7 per cent. Tokyo’s Nikkei was closed due to a public holiday in Japan.

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