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  • eyeinthesky2013 eyeinthesky2013 Jun 20, 2013 12:43 AM Flag

    Asia Gets Double Blow From Fed, China PMI


    The global equity selloff is underway in earnest.

    Asian equities widened their losses on Thursday after the Federal Reserve signaled an end to its bond-buying program later this year while shrinking factory activity in China further added to market gloom.

    Australia's benchmark tumbled over 2 percent, Japan's benchmark Nikkei fell 1 percent, knocked off the previous day's one-week high. Both South Korea's benchmark Kospi and the Shanghai Composite traded at 2013 lows.

    Emerging Asia was also badly hit, with the Philippines' benchmark index and Indonesia's Jakarta Composite sinking 3 percent each.

    "I think everyone is looking at everyone else in the market and trying to figure out if there is going to be panic. And if you want to panic you want to do it early, which is why we've seen volatility," said Richard Jerram, chief economist at Bank of Singapore.

    The FTSE CNBC Asia 100 index, which tracks the performance of the region's 100 largest companies, slumped 3 percent to an intra-year low.

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