Asian shares dropped sharply Friday, pulled down by fresh concerns about Europe’s ongoing debt woes following a weak Spanish bond auction.
Japan’s Nikkei 225 Index faded 104.72 points, or 1.2%, to 8,374.91
In Hong Kong, the Hang Seng Index dropped another 326.24 points, or 1.7%, to 18,817.50
The losses followed an auction Thursday that saw average yields on 10-year Spanish government bonds hit a euro-era high ahead of a weekend election there, sending European and U.S. stocks sharply lower.
The rise in Spanish bond yields "is part of the ongoing concern about Europe in general. We either get poor economic data from Europe, or we get poor bond auctions, or we get conflicting headlines from politicians," according to one expert.
European concerns again dragged on Asian bank shares. In Hong Kong, Bank of Communications Co. finished down 3.9%, Agricultural Bank of China Ltd. lost 2.9%, and Bank of China Ltd. fell 3%.
Financials were also lower in Japan and Australia, with Nomura Holdings Inc. and Sumitomo Mitsui Financial Group Inc. each ending down 2.8% in Tokyo, while National Australia Bank Ltd. lost 3.6%.
Exporters suffered in Japan, taking hits from both Europe and a stronger yen, with the U.S. dollar falling back below the ¥77 level.
Consumer electronics giant Sony Corp. traded down 1.4%, Fujitsu Ltd. dropped 2%, Mitsubishi Motors Corp. closed with a 3.2% loss, and Toyota Motor Corp. surrendered 2.3%.
Property shares fell sharply in Hong Kong on Friday, weighed in part by Chinese data showing average property prices in major Chinese cities fell in October for the first time this year.
China Resources Land Ltd. fell 4% and China Overseas Land & Investment Ltd. lost 5.2%.
Resource stocks fell in Australia, with Alumina Ltd. closing 2.8% lower, and BHP Billiton Ltd. dropping 2.5%.
In other markets;
Shanghai’s CSI 300 index shed 55.52 points, or 2.1%, to 2,606.50
Taiwan’s Taiex Index deducted 154.03 points, or 2.1%, to 7,233.78
Korea’s Kospi Index gained 20.60 points, or 1.1%, to 1,876.67
Singapore’s Straits Times Index dipped 47.91 points, or 1.7%, to 2,730.34
New Zealand’s NZX 50 Index lost 29.85 points, or 0.9%, to 3,250.89
Australia’s S&P/ASX 200 Index doffed 81.20 points, or 1.9%, to 4,177
