Asian stocks tumbled Friday after Wall Street dropped overnight on worries the global recovery is weaker than many expected.
Major markets from Tokyo to Hong Kong to Sydney dropped about 3 percent or more after U.S. stocks fell on bad news about American unemployment levels and European debt.
Oil prices slipped to near $73 a barrel, adding to a big slide overnight, while the dollar continued to gain against the euro, which was at its lowest since May.
Japan's benchmark Nikkei 225 lost 2.8 percent, or 293.33 points, to 10,062.65 and China's Shanghai Composite Index fell 1.6 percent, or 50.85, to 2,945.13. Hong Kong's Hang Seng was down 3.2 percent at 19,701.33.
In the U.S. on Thursday, the Dow Jones industrial average closed down 268.37, or 2.6 percent, at 10,002.18 after briefly trading below 10,000 for the first time in three months. That came after the Labor Department said claims for unemployment benefits rose by 8,000 to 480,000 last week, disappointing investors who hoped for a decrease.
The slide began in Europe, where markets were dragged down by concern about high debt levels in Greece, Spain and Portugal. It is becoming harder for countries to contain rising debts and to borrow money to spend their way out of recession.
Elsewhere in Asia, South Korea's Kospi was off 3 percent at 1,568.33 and Taiwan's Taiex dived 3.3 percent. Sydney's S&P-ASX 200 slid 2.8.
Oil prices retreated in Asia with benchmark crude for March delivery down 13 cents at $73.01 a barrel after buckling $3.84 overnight.
In currencies, the dollar weakened to 89.65 yen from 88.90 yen. The euro was lower at $1.3705 from $1.3726.
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