HONG KONG — Asian stock markets slipped further on Friday after sharp falls on Wall Street and higher-than-expected Chinese inflation data, even as oil prices eased back.
In the afternoon, a major Japanese earthquake caused the yen to fall sharply against the US dollar.
Tokyo's Nikkei ended the session down 1.72 percent, or 179.95 points, at 10,254.43, while Sydney fell 1.17 percent, or 54.90 points, to 4,644.80.
Hong Kong was down 0.60 percent in the afternoon, while the Shanghai Composite Index was off by 0.15 percent.
The falls came after steep losses on Thursday, when Shanghai lost 1.50 percent, and on Wall Street, where the Dow, Nasdaq and S&P 500 indexes all ended down more than 1.8 percent.
Markets were nervous not only about the intensifying conflict in Libya, but also about unrest in OPEC oil linchpin Saudi Arabia, where activists were calling for a "Day of Rage" on Friday.
Also hitting sentiment was the worsening European debt crisis and, closer to home, Chinese data that showed inflation hit 4.9 percent in February, raising expectations of yet another interest rate hike. The latter prospect sent Chinese banking stocks tumbling.
"The recent Middle East unrest is spreading to Saudi Arabia, triggering fears in the financial market across the globe," Kim Joong-Won, an analyst at HMC Investment Securities in Seoul, told Dow Jones Newswires.
In Beijing, central bank chief Zhou Xiaochuan said interest rates remained an important policy tool in fighting surging prices -- following three rate hikes since October.
Alistair Thornton, an analyst at IHS Global Insight, commented: "We believe inflationary pressure will remain quite high over the next couple of months. More tightening measures are in the pipeline."
Meanwhile oil prices actually eased somewhat due to Europe's debt troubles -- amplified by a downgrade of Spain by ratings agency Moody's -- and due to data showing that China experienced a rare trade deficit in February.
Both factors suggested the possibility of slower activity in the eurozone and economic powerhouse China.
"Overnight there has been very mixed news on the global economic front that put downward pressure on oil," said Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore.
Benchmark crude prices dipped below $102 in Asian trade after easing off two-year highs.
New York's main contract, light sweet crude for April delivery, fell 97 cents to $101.73 per barrel in the afternoon.
Brent North Sea crude for April dipped 39 cents to $115.04.
The euro rebounded against the dollar, having plunged earlier following the Spanish ratings downgrade.
The single European currency fetched $1.3819 in Tokyo afternoon trading, compared to $1.3794 in New York late Thursday.
The yen fell to 83.30 against the dollar from 82.91 within minutes of Japan's earthquake, which was measured at 8.8 by US geologists, caused extensive damage and unleashed a tsunami warning for Japan, Russia and the Mariana Islands.
Gold opened at $1,414.00-$1,415.00 an ounce in Hong Kong, down from its Thursday close of $1,427.00-$1,428.00.
In other markets:
-- Taipei fell 0.87 percent, or 75.08 points, to 8,567.82.
Taiwan Semiconductor Manufacturing Co fell 0.71 percent to Tw$70.0, while Hon Hai was 0.44 percent lower at Tw$113.0.
-- Manila fell 0.90 percent, or 35.59 points, to 3,924.35.
Aboitiz Equity Ventures fell 1.89 percent to 41.40 pesos, Aboitiz Power slipped 0.16 percent to 30.80 pesos, Metropolitan Bank dropped 0.48 percent to 62.85 pesos and Philippine Long Distance Telephone plunged 3.68 percent to 2,200 pesos.
-- Wellington fell 0.69 percent, or 23.39 points, to 3,382.84.
Insurance company and fund manager Tower fell 4.1 percent to NZ$1.86 after it announced its costs related to the Christchurch earthquake were expected to reach NZ$15 million-NZ$20 million ($11 million-$15 million). Retailer Warehouse rose 2.1 percent to NZ$3.45 after better-than-expected first half results.
In the afternoon, a major Japanese earthquake caused the yen to fall sharply against the US dollar.
Tokyo's Nikkei ended the session down 1.72 percent, or 179.95 points, at 10,254.43, while Sydney fell 1.17 percent, or 54.90 points, to 4,644.80.
Hong Kong was down 0.60 percent in the afternoon, while the Shanghai Composite Index was off by 0.15 percent.
The falls came after steep losses on Thursday, when Shanghai lost 1.50 percent, and on Wall Street, where the Dow, Nasdaq and S&P 500 indexes all ended down more than 1.8 percent.
Markets were nervous not only about the intensifying conflict in Libya, but also about unrest in OPEC oil linchpin Saudi Arabia, where activists were calling for a "Day of Rage" on Friday.
Also hitting sentiment was the worsening European debt crisis and, closer to home, Chinese data that showed inflation hit 4.9 percent in February, raising expectations of yet another interest rate hike. The latter prospect sent Chinese banking stocks tumbling.
"The recent Middle East unrest is spreading to Saudi Arabia, triggering fears in the financial market across the globe," Kim Joong-Won, an analyst at HMC Investment Securities in Seoul, told Dow Jones Newswires.
In Beijing, central bank chief Zhou Xiaochuan said interest rates remained an important policy tool in fighting surging prices -- following three rate hikes since October.
Alistair Thornton, an analyst at IHS Global Insight, commented: "We believe inflationary pressure will remain quite high over the next couple of months. More tightening measures are in the pipeline."
Meanwhile oil prices actually eased somewhat due to Europe's debt troubles -- amplified by a downgrade of Spain by ratings agency Moody's -- and due to data showing that China experienced a rare trade deficit in February.
Both factors suggested the possibility of slower activity in the eurozone and economic powerhouse China.
"Overnight there has been very mixed news on the global economic front that put downward pressure on oil," said Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore.
Benchmark crude prices dipped below $102 in Asian trade after easing off two-year highs.
New York's main contract, light sweet crude for April delivery, fell 97 cents to $101.73 per barrel in the afternoon.
Brent North Sea crude for April dipped 39 cents to $115.04.
The euro rebounded against the dollar, having plunged earlier following the Spanish ratings downgrade.
The single European currency fetched $1.3819 in Tokyo afternoon trading, compared to $1.3794 in New York late Thursday.
The yen fell to 83.30 against the dollar from 82.91 within minutes of Japan's earthquake, which was measured at 8.8 by US geologists, caused extensive damage and unleashed a tsunami warning for Japan, Russia and the Mariana Islands.
Gold opened at $1,414.00-$1,415.00 an ounce in Hong Kong, down from its Thursday close of $1,427.00-$1,428.00.
In other markets:
-- Taipei fell 0.87 percent, or 75.08 points, to 8,567.82.
Taiwan Semiconductor Manufacturing Co fell 0.71 percent to Tw$70.0, while Hon Hai was 0.44 percent lower at Tw$113.0.
-- Manila fell 0.90 percent, or 35.59 points, to 3,924.35.
Aboitiz Equity Ventures fell 1.89 percent to 41.40 pesos, Aboitiz Power slipped 0.16 percent to 30.80 pesos, Metropolitan Bank dropped 0.48 percent to 62.85 pesos and Philippine Long Distance Telephone plunged 3.68 percent to 2,200 pesos.
-- Wellington fell 0.69 percent, or 23.39 points, to 3,382.84.
Insurance company and fund manager Tower fell 4.1 percent to NZ$1.86 after it announced its costs related to the Christchurch earthquake were expected to reach NZ$15 million-NZ$20 million ($11 million-$15 million). Retailer Warehouse rose 2.1 percent to NZ$3.45 after better-than-expected first half results.
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