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Overnight Markets: US stocks slump on weak factory data

by Himanshu Singh on Feb 04, 2014 at 03:08

Ford Motors fell 2.7% and General Motors slipped 2.3% after the largest US automakers reported wider declines in deliveries than estimated.

In Asia, shares declined on Tuesday in late morning trade after data showing weaker-than-expected growth in US manufacturing helped extend a rout that wiped about $1.9 trillion from the value of global equities last month.

The MSCI Asia Pacific Index lost 2.2% to 131 at 10 a.m. in Hong Kong. Japan’s Nikkei 225 plunged 2.6% to continue its slide after losing 8.5% last month. Hong Kong’s Hang Seng Index slid 2.3%. South Korea’s Kospi index fell 1.5%. Australia’s S&P/ASX 200 Index lost 1.4% and New Zealand’s NZX 50 Index dropped 0.8%. Singapore’s Straits Times Index retreated 1%.

Markets in mainland China, Taiwan and Vietnam are closed for holidays.

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