Asian stocks fall after Dow ends below 10,000 on concerns over Europe’s debt crisis

Asian stocks fall on Europe debt crisis concerns

TOKYO — Asian stock markets fell in early trading Thursday after the Dow Jones industrial average closed below the 10,000 line for the first time in nearly four months on concerns that Europe’s debt crisis could stifle the global economic recovery.

Japan’s benchmark Nikkei 225 stock average fell 55.03 points, or 0.6 percent, to 9,467.63 in the morning session.

South Korea’s Kospi index slipped 0.2 percent to 1,579.67. Australia’s S&P/ASX 200 index was down 0.1 percent at 4,324.90.

Hong Kong’s Hang Seng index lost 1.1 percent to 18,986.80. Benchmarks in mainland China, Singapore and Taiwan all declined in early trading.

Sentiment in Asia was sluggish after the Dow lost 69.30 points, or 0.7 percent, to 9,974.45 Wednesday, closing below 10,000 for the first time since Feb. 8 on fears that Europe’s fiscal crisis could cause a slowdown in the global economy.

A Financial Times report that China is reviewing its holdings of European government bonds due to the debt crisis also sparked selling of the euro. China holds the world’s largest foreign reserves.

The euro is hovering around a four-year low against the dollar, and its slide has become a symbol of waning confidence in Europe’s ability to contain its debt problems.

In currencies, the dollar edged up to 89.96 yen in Tokyo Thursday from 89.84 yen in New York late Wednesday. The euro climbed to $1.2187 from $1.2156.