Home > Community > Financial Markets > STOCKS NEWS ASIA-Shares set to fall after Wall St woes

STOCKS NEWS ASIA-Shares set to fall after Wall St woes

Published: 01 Nov 2009 17:23:13 PST

(For the latest on global markets, click [MKTS/GLOB]) WELLINGTON, Nov 2 - Asian stocks are set to fall on Monday after Wall Street posted its biggest one day slide since July on renewed worries about economic recovery.

The main U.S. share indices ended last week as much as 2.8 percent lower, with financial stocks hurt as concerns about Citigroup's <C.N> balance resurfaced.

A bag of mixed U.S. data showing weaker consumer confidence, improved Midwest factory activity, but worse employment conditions offered no support to stocks. See [ID:nN30482062]

Wall Street's favourite measure of investor fear, the CBOE Volatility Index <.VIX>, soared 24 percent -- its biggest one-day percentage gain since October 2008.

British and European shares also slipped, dragged down by commodity and financial stocks.

Japanese shares are expected to fall sharply, with Nikkei futures traded in Chicago <2NKc1> 270 points below the last closing level in Osaka <JNIc1>.

The Japanese earnings season continues with Daihatsu Motor Co. <7262.T>, Fuji Heavy Industries <7270.T> and Suzuki Motors Corp <7269.T> all reporting. For more see [JP/DIARY]

Australian stocks are also seen opening weaker, with share index futures <YAPcm1> at 4,506, a 137.2 point discount to the underlying S&P/ASX 200 index's <.AXJO> close on Friday.

The U.S. dollar and yen both rallied as the stock market declines boosted the currencies' safe haven allure.

Oil prices <CLc1> fell more than 3 percent as the U.S. data raised doubts about a recovery in demand.

HEADLINES: > Wall St tumbles on recovery jitters, financials [nN30437359] > U.S. consumer spending falls, sentiment sours [nN30482062] > Oil falls more than 3 pct on economic woes [nSYD444731] > US consumer spending falls, sentiment sours [nN30482062] > China survey shows sustained industrial expansion [nPEK81136] > Fed seen on hold as outlook uncertain

[nN01437140] > China to keep loose monetary policy - cenbank

[nWLA7016] > S.Korea Oct exports underscore global recovery woe [nSEO73164] > Japan may backtrack on lending regulations -Nikkei [nT83915] > China sees rocky export rebound, shrinking surplus [nSP482730] > Sanyo to supply batteries for Peugeot-Nikkei [nT81803]

KEY INDEXES pct change

Bank of New York Asia ADR index <.BKAS> -3.33

Dow Jones Industrial Average <.DJI> -2.51

Nasdaq Composite Index <.IXIC> -2.50

MSCI Asia Pacific ex-Japan <.MSCIAPJ> +0.86

Nikkei futures in Chicago <2NKc1> 9,740

Nikkei futures in Osaka <JNIc1> 10,010

ASIAN ADR ACTION:

5 most actively traded: pct change

TSMC <TSM.N><2330.TW> -3.73

Siliconware <SPIL.O><2325.TW> -5.48

Infosys Tech <INFY.O><INFY.BO> -2.67