Asian shares have headed sharply lower, following the rout in global equities as fears over growth and lower commodity prices grow. Japanese shares hit an eight-month low as investors awaited the Bank of Japan's Tankan quarterly business confidence survey, due on Wednesday.
Chinese shares have returned to positive territory after massive losses earlier in the week rocket markets around the globe. The Shanghai Composite was up by 2.3% at 2,991.91 points. The turnaround, though, does little to make up double digit percentage losses made so far this week.
The S&P 500 suffered its biggest daily percentage drop in nearly four years and the Dow confirmed it had entered into correction territory as fears of a China-led global slowdown rattled investors around the world.
Publishing company Pearson has confirmed plans to sell its 50% stake in the Economist Group. The statement from the firm came just days after it announced the sale of the Financial Times to Japan's Nikkei.
Nikkei, Japan’s largest media company, is to buy the FT Group from Pearson for £844m, after stunning its rival bidder Germany’s Axel Springer with an eleventh hour offer for the London-based global news organisation. The deal marks the end of an era, bringing the curtain down on Pearson's 58 year ownership of the Financial Times at a time of upheaval in the global media industry.
Mainland Chinese shares continued to slide on Wednesday, falling more than 8% on opening. The slump came despite more moves by China's regulators to try and stabilize the recently volatile market.
Global stocks and the Euro rallied on Wednesday after the world's leading central banks agreed to cut the cost for European banks to borrow much-needed dollars.
Asian stock markets have slumped on Friday, extending a global equity sell-off after Wall Street had its worst day in more than two years. Japan's main Nikkei 225 index shed 3.4% to 9,329.75. South Korea lost 4.2%, Australia slid 2.4% and China's Shanghai SE Composite Index was down 2%.
European leaders unveiled an unprecedented loan package worth almost one trillion US dollars and a program of bond purchases in an attempt to bolster the Euro that has become highly vulnerable because of the Greek sovereign-debt crisis.
The head of the International Monetary Fund has warned that the crisis in Greece could spread throughout Europe. Dominique Strauss-Kahn said that every day lost in resolving Greece's problems risks spreading the impact “far away”.