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Asia stocks down on bleak UK factory production

6:14 AM, Mar 13, 2013   |    comments
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BANGKOK (AP) - Asian stock markets ran out of steam Wednesday after a sharp drop in Britain's industrial production and a warning from the head of Germany's central bank that the euro debt crisis isn't over.

Bundesbank President Jens Weidmann said Tuesday that the European Union needs to move ahead with reforms to keep troubles in the banking system from dragging down government finances.

He also urged faster reforms in the financially troubled countries, saying "only governments and not the central bank system" can solve the crisis.

Meanwhile, the British government issued data showing industrial production for January dropped sharply, a day after data released by the French government for factory output showed the same result.

The British data raised fears that Europe's third-largest economy might be heading for its third recession in four years.






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