Asian stocks extend slide

<p>Sentiment was hampered by worries over the US economy.</p>

Asian stocks continued their slide today (April 7th), hit by a weak session on Wall Street and growth worries in Australia.

Overnight, Wall Street's trading sentiment was hampered by a sell-off in global sovereign bonds, sparked by the persistent rise in German bond yields, driven by worries over a Greece debt default and excessively long positions in European debt.

Investors also weighed the release of the ADP Employment Report, which showed 169,000 jobs were created in April, missing expectations for a rise of 200,000.

In addition, Federal Reserve Chair Janet Yellen sparked fears about the American economy, suggesting in a comment that stocks are generally overvalued. The Dow and the S&P 500 dropped 0.5 per cent each, while the Nasdaq Composite lost 0.4 per cent.

The Shanghai Composite Index tumbled 2.8 per cent today, Japan's benchmark Nikkei 225 closed down 1.2 per cent at 19,291.99, Australia's S&P/ASX 200 lost 0.8 per cent to 5,645.70 and South Korea's Kospi fell 0.7 per cent to 2,091.00. Hong Kong Hang Seng ended 1.3 per cent lower at 27,289.97.

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