Asian markets close lower on renewed U.S. economic concerns

E-MAILED (RTTNews) - Stock markets in the Asia-Pacific region snapped a four day rally to close lower on Friday following a sharp drop on Wall Street overnight as weaker-than-expected housing data rekindled concerns about the U.S. economy. Banking stocks tumbled following the lead from their U.S. counterparts, while a weaker U.S. dollar pressured export-oriented stocks. In currency trading, the U.S. dollar closed weaker against the Japanese yen, the Korean won and the New Zealand dollar, while it strengthened against the Australian dollar. The Japanese market snapped a three-day winning streak to close nearly 2% lower, led by banks and exporters. The benchmark Nikkei 225 Index lost 268.55 points or 1.97% to close at 13,334.76, while the broader Topix Index of all First Section Issues declined 34.29 points or 2.57% to settle... [read full story]