Asia Stocks Tumble on US Manufacturing Concerns VOA News February 4, 2014 Asian stocks suffered Tuesday following the release of weaker than expected manufacturing data from the United States . Tokyo's benchmark Nikkei average ended the day down nearly 4.2 percent - its lowest mark in nearly three months. After making strong gains in 2013, the Nikkei has tumbled over 15 percent since the start of the year. Japanese Cabinet Secretary Yoshihide Suga said investors are concerned about developments in the world's biggest economy. "In addition to future concerns with the emerging markets, U.S. economic data announced earlier was seen as weak, meaning that there is now a heightened sense of uncertainty with the U.S. economy as well. Investment money thus fled to less riskier U.S. government debt, and at the same time, there was a move to buying back the yen," said Suga. Trading was also lower in South Korea and Hong Kong , though markets in China and Taiwan were closed for the holiday. On Monday, Wall Street had its worst day since June after new data showed U.S. manufacturing activity slowed sharply in January. There are also lingering concerns about emerging markets following the U.S. Federal Reserve's decision to further trim its bond-buying stimulus. The policy, which is on pace to end altogether by the end of the year, was meant to pump more money into the U.S. economy, boost job growth and keep interest rates low. However, as interest rates edge higher, analysts worry investors will pull their money from emerging economies and seek higher returns in the U.S.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- U.S. to Relinquish Gov't Control Over Internet
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Will Missing Malaysian Jet Prompt Aviation System Change?