Asian Stocks Dive

Gains of recent days wiped out as investors switch focus back to slumping economy
By Rob Quinn,  Newser Staff
Posted Nov 6, 2008 3:56 AM CST
A man looks at an electronic stock board showing Barack Obama making a victory speech in front of a securities firm in Tokyo yesterday.   (AP Photo/Shizuo Kambayashi)
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(Newser) – Dismal earnings predictions from major companies snapped a three-day gain in Asian markets, Bloomberg reports. Japan's Nikkei index skidded 6.5% after Hyundai, Panasonic, and Isuzu warned that the US slowdown would hit earnings. Hong Kong's Hang Seng dropped 6.4%, while News Corp's Australian shares took a 21% hit—its biggest since 1987—after it announced net profit will fall.