Global stocks slump in early Asian trade following Dow slide

in opening trade and Australian stocks falling 1.9 per cent.

Hong Kong shares dropped at the open Thursday, tracking massive losses on Wall Street as poor Chinese and German data fuelled concern over the global economy. The MSCI ACWI, which incorporates readings of 49 equity markets across the world, shed 2.1 per cent to its lowest level since Jun 4, while E-Mini futures for the S&P 500 lost 0.1 per cent in early Asia.

Oil prices shed 3 per cent on Wednesday after fresh Chinese and European economic data revived global demand fears and US crude inventories rose unexpectedly for the second week in a row.

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