Asian markets tumble on renewed global concerns

HONG KONG, Oct 10 (AFP): Asian shares and the dollar sank today on growing concerns about the global economy while the head of the IMF warned the eurozone could slip into recession if governments do not act.
Investors took their lead from a heavy sell-off on Wall Street, which wiped out the previous day's Federal Reserve-fuelled gains. Fears of a fall-off in demand also sent oil traders fleeing, pushing Brent crude prices to a four-year low.
Tokyo tumbled 1.15 per cent, or 178.38 points, to 15,300.55, Sydney shed 2.05 per cent, or 108.38 points, to 5,188.3 and Seoul slipped 1.24 per cent, or 24.33 points, to 1,940.92.
Hong Kong shed 1.90 per cent, or 445.99 points, to 23,088.54 while Shanghai eased 0.62 per cent, or 14.83 points, to 2,374.54.
Taipei was closed for a public holiday.
Markets surged after minutes released Wednesday from the Fed's most recent meeting indicated policymakers could refrain from hiking US interest rates any time soon as global economic and geopolitical woes were offsetting a domestic recovery.
That came as a relief to dealers who had come to expect a rise before the bank's mid-2015 timetable.
However, that elation was erased late Thursday after another round of negative eurozone data, including a 5.8 per cent slump in German exports in August. Leading German think tanks also slashed their growth forecasts for the eurozone's largest economy.
"Overriding everything is just the concern that European growth is weak and getting weaker," said William Lynch of Hinsdale Associates.
On Wall Street the Dow tumbled 1.97 per cent, the S&P 500 shed 2.07 per cent and the Nasdaq sank 2.02 per cent.
The dollar, which touched a six-year high above 110 yen last week, was struggling at 107.80 yen in Asia Friday, compared with 107.84 yen late in New York. The euro fetched 136.86 yen against 136.87 yen in US trade and well down from the 137.70 yen seen earlier Thursday in Tokyo.
The Japanese currency, a safe haven investment, has spiked as traders look to protect their cash.
The euro also bought $1.2670 against $1.2691.
Oil prices were hit by demand worries. US benchmark West Texas Intermediate for November delivery was down $1.92 at $83.85, its weakest since June 2012.  Brent crude fell $1.65 to $88.40, levels last seen in November 2010.
Gold was at $1,219.71 an ounce against $1,230.80 late Thursday.
Wellington fell 0.78 per cent, or 40.90 points, to 5,224.14.
Fletcher Building was down 1.69 per cent at NZ$8.72 and Chorus slipped 0.52 per cent to NZ$1.92. Manila closed 0.48 per cent lower, dipping 34.54 points to 7,167.35. Ayala Corp. gained 0.3 per cent to 33.55 pesos while GT Capital was unchanged at 1,080 pesos. Philippine Long Distance Telephone fell 1.12 per cent to 3,010 pesos.