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Asian stocks are expected to fall on Wednesday on heightened concerns about a US recession after Wall Street dived on the worst showing for US retailers for five years and a record loss at Citigroup Inc.
Results from Intel Corp after the market closed fell short of estimates and its outlook was below forecasts, sending its shares down nearly 15 per cent and boding ill for Asian tech stocks that depend heavily on US demand.
Asian stocks listed on Wall Street dropped 4.7 per cent overnight.
TOKYO
Japan's benchmark Nikkei average fell on Wednesday, tracking falls on Wall Street amid growing fears of a US recession.
Toyota Motor Corp and Sony Corp were flooded with sell orders after the dollar fell to a 2-1/2-year low below 106.60 yen (S$1.42).
As of 8.02am Singapore time, the Nikkei was down 1.4 per cent at 13,781.92 and the broader Topix index was down 1.3 per cent at 1,332.08. -- REUTERS
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