Asian markets slump on China and US economic fears

Asian markets tumbled overnight as concerns about the health of the Chinese and US economies grew.

Following dire consumer confidence data in the US, economic news from China added to the tension. The Conference Board's leading economic index for China rose by 0.3% in April, a significant downgrade from initial estimates of a 1.7% rise.

This sparked sharp falls in the Shanghai Composite, which fell by around 1% to 2,406, it lowest point in 14 months.  

In Japan the Nikkei was down by some 200 points, or 2%, at 9,367. At one point during the session the index fell to 9,347, its lowest level since 1 December. The Hang Sang was around 160 points lighter at 20,080.

In South Korea the Kospi shed 1.3%, while Australia's S&P/ASX 200 and Taiwan's benchmark both fell by as much as 1.7%.

The falls came after torrid sessions in London and New York where the FTSE 100 slumped 3.1% and the Dow lost 2.7%. In Europe the Eurofirst 300 retreated by 3%.