Asian stocks fell Thursday, led by commodity producers, after oil, copper and gold prices plunged on concern a U.S. recession will reduce demand for raw materials.
“The U.S. is still the biggest contributor to global growth, so any slowdown will have implications for commodity prices,” said Jason Teh at Investors Mutual Ltd. in Sydney.
The Morgan Stanley Capital International Asia Pacific index fell 2.4 percent, snapping a two-day, 3.6 percent advance.
Downward trend in Europe: European stocks fell, sending the Dow Jones Stoxx 600 index to its fourth straight weekly decline, after Credit Suisse Group said the freeze in credit markets could force it to post the first loss in five years, and declines in gold, copper and oil prices pushed shares of commodity producers lower.
