HONG KONG, Nov 20: More bad economic data from the United States and Japan and an uncertain future for the US auto industry added to recession fears Thursday, sending stock markets tumbling in Asia.

The grim news added to concerns for the global economy as the US Federal Reserve said the world's biggest economy could contract next year.

As leaders of the Asia-Pacific nations prepared to meet in Lima at the weekend to discuss the global financial crisis, Japan announced exports had fallen at their fastest pace in seven years.

Tokyo's Nikkei dived almost seven per cent, while Hong Kong was four per cent lower. Screens turned red across the region, with Sydney sinking 4.2 per cent, Seoul hammered 6.7 per cent, Taipei down 4.5 per cent and Singapore 3.1 per cent.

Concerns for the global economy were dealt a further blow as Japan's exports to the rest of Asia were revealed to have dropped for the first time in 80 months as once-buoyant shipments to China started to fall.

The Fed sharply cut its outlook for the world's biggest economy for 2009, saying it could grow as much as 1.1 per cent or contract 0.2 per cent.

Top officials from the 21-member Asia-Pacific Economic Cooperation (APEC) grouping were Thursday to urge joint efforts to overcome the world economic crisis and try to breathe new life into stalled global trade talks.

TOKYO: Japanese share prices tumbled 6.89 per cent.

The Nikkei-225 index dropped 570.18 points to 7,703.04, the lowest close in about three weeks. The Topix index of all first section issues fell 45.15 points, or 5.46 per cent, to 782.28.

Investors tend to react nervously to negative data signalling recession, said Kazuhiro Takahashi at Daiwa Securities SMBC.

Sumitomo Mitsui Financial sank 10 per cent to 281,500 yen and Nomura Holdings tumbled 11 per cent to 666 yen.

HONG KONG: Hong Kong share prices closed 4 per cent down.

The benchmark Hang Seng Index was off 517.24 points at 12,298.56, after trading between 11,976.88 and 12,298.56 during the session.

Turnover was 44.62 billion Hong Kong dollars (5.72 billion US).

Traders expect the index to retest the trough of 10,676 hit on October 27.

HSBC fell 4.6 per cent on a bleak outlook.

SYDNEY: Australian shares closed down 4.2 per cent.

The benchmark S&P/ASX200 fell 146.7 points to 3,352.9 while the broader All Ordinaries lost 150.6 to 3,332.6.

A total of 1.66 billion shares valued at $4.96 billion (US$3.17 billion) was traded, with 206 stocks up, 872 down and 305 unchanged.

BHP Billiton plunged 9.1 per cent to 21.10 while Rio Tinto shed 13.1 per cent to 57.25.

ANZ dropped 5.93 per cent to 13.00, Commonwealth Bank lost 5.24 per cent to 29.31 and National Australia Bank fell 4.37 per cent to 18.82.

SINGAPORE: Singapore shares closed 3.10 per cent lower.

CapitaLand tumbled nine cents to 2.44.

Singapore Telecom fell five cents to 2.37 and Singapore Airlines declined 40 cents to 10.12.

KUALA LUMPUR: Malaysian share prices closed 1.4 per cent lower.

The Kuala Lumpur Composite Index shed 12.33 points to close at 865.32.

AirAsia rose 3.5 per cent at 1.17 ringgit on reports of a possible privatisation.

JAKARTA: Indonesian shares ended 2.2 per cent lower.

The Jakarta Composite Index fell 25.39 to 1,154.97.

Coal miner Bumi Resources lost 9.3 per cent at 780 rupiah, while Bakrie Sumatra Plantations fell 10 per cent to 225 rupiah amid concerns over debt problems at parent Bakrie & Brothers, which shed 9.3 per cent to 107 rupiah.

WELLINGTON: New Zealand share prices closed 2.28 per cent lower.

The benchmark NZX-50 index fell 61.61 points to close at 2,644.67.

Telecom fell four cents to $2.31 and Contact Energy dropped 35 cents to 6.80.

Air New Zealand eased two cents to 87 cents and Auckland Airport dropped three cents to 1.64.

MUMBAI: Indian shares fell 3.68 per cent.

The benchmark 30-share Sensex fell 322.77 points to 8,451.01, its seventh straight day of losses.—AFP