Asian markets tumble on U.S. economic worries

E-MAILED (RTTNews) - The stock markets across the Asia-Pacific region were trading sharply lower on Friday, falling for the first time in five days, as Wall Street slumped overnight on bleak U.S. economic data. A rebound in crude oil prices, following recent losses, also added to the concerns. Financial stocks were weak in Asia, as its U.S. counterparts were hit after data showed that sales of existing U.S. homes dropped to a 10-year low. Oil was little changed at $125.50 a barrel on Friday after rebounding Thursday to $125.49 a barrel at close on the New York Mercantile Exchange.Analysts feel that lingering demand worries is likely to impact further gains ahead of the weekend. On the currency front, the dollar weakened to lower 107-yen range from upper 107-yen levels late Thursday, while the South Korean won opened lower at... [read full story]