Asia stocks down after Wall Street stumbles

AP News
Posted: Sep 25, 2014 11:33 PM
Asia stocks down after Wall Street stumbles

HONG KONG (AP) — Asian stocks sank Friday after Wall Street had its worst day since July, with benchmarks weighed down by uninspiring U.S. economic data and Apple's iPhone software glitch.

KEEPING SCORE: Japan's benchmark Nikkei 225 fell 1 percent to 16,212.07 and South Korea's Kospi lost 0.3 percent to 2,028.68. Hong Kong's Hang Seng shed 0.3 percent to 23,699.95 while the Shanghai Composite Index on mainland China edged up 0.1 percent to 2,347.52. Australia's S&P/ASX 200 fell 1.1 percent to 5,321.00.

U.S. SLUMP: The latest data on the world's biggest economy did little to inspire investor confidence. Unemployment benefits crept up last week although the less volatile four-week average fell. Another report said equipment orders plunged last month. Meanwhile, Apple and other technology companies dropped after iPhone maker said it was pulling a problematic software update for its popular smartphone.

WALL STREET: The three main U.S. stock benchmarks had their worst day since July 31. The Dow Jones Industrial average slumped 1.5 percent to close at 16,945.80. The S&P 500 lost 1.6 percent to close at 1,965.99. The Nasdaq composite dropped 1.9 percent, to 4,466.75.

CURRENCIES: The dollar strengthened to 108.96 yen from 108.56 yen in late trading Thursday. The euro fell to $1.2745 from $1.2760.

ENERGY: Benchmark crude oil for November delivery edged up 2 cents to $92.55 in electronic trading on the New York Mercantile exchange. The contract fell 27 cents to close at $92.53 on Thursday. Brent crude, used to price international varieties of oil, slipped 7 cents to $96.93 on the ICE Futures exchange in London.