US fears knock Nikkei below 10,000

12 April 2012

ASIAN stocks tumbled after Wall Street had plunged to three-month lows on fears that Enron's accounting debacle will raise doubts about the soundness of US companies' figures.

Tokyo's Nikkei 225 went through 10,000, with a fall of 106.55 to 9919.48. Hong Kong's Hang Seng shed 257.3 to 10,757. The falls were triggered by fears of a US market meltdown if other companies' accounts are proved to have been based on smoke and mirrors.

Suspicions were deepened on Tuesday after shares in the Tyco International conglomerate crashed 20% in New York on reports of backhanders paid to directors during its aggressive acquisition policy. A delay in the release of the financial statements of Williams, another energy group, added to worries.

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