Asian shares, oil prices tumble on growth worries
Asian shares shuddered and Brent crude oil prices tumbled to their lowest since 2010 on Friday after weak German export data raised fears that Europe’s economic woes could drag down the global economy.
“European markets face the prospect of a weak open and the bulls will hope for improvement in French and Italian industrial production today.
Many investors fear that the gradually recovery U.S. economy – the world’s largest, but comprising less than a quarter of the entire global economy – cannot escape unscathed as Europe stalls and other big economies, including China, Japan and Brazil, face their own hardships.
Worries about global growth hit oil prices hard. European benchmark Brent crude oil fell as low as $88.11 a barrel, its lowest since December 2010. It last stood at $88.77, down 1.4 percent on the day.
The latest tumble was a reverberation from Germany’s downbeat data on Thursday, which showed exports from the engine of the euro zone economy fell 5.8 percent in August, the worst decline since January 2009.
Source: reuters- Asian shares, oil prices tumble on growth worries
