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Asia stocks fall on US earnings worries, Spain

6:09 AM, Oct 10, 2012   |    comments
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BANGKOK (AP) - Worries about Europe's debt crisis, signs of weak global growth and expectations of lower U.S. corporate earnings sent most Asian stock markets down today.

However, markets in mainland China edged up a day after posting big gains on hopes that Chinese authorities were preparing sizeable steps to help reverse the decline in growth in the world's second-largest economy.

The International Monetary Fund said Tuesday that Spain's economy - already in double-dip recession - will contract by 1.3 percent next year, more than double its previous prediction.

Spain, with near 25 percent unemployment, has introduced a series of austerity and labor measures in a desperate bid to bring down its deficit and convince investors it can manage its finances without outside help.

Benchmark crude oil fell below $92 per barrel. The dollar gained against the euro and was nearly unchanged against the yen.

 

 

 

 

 

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