ASIAN STOCKS HIT A 26-MONTH LOW

　　Asian stocks dropped to a 26-month-low Tuesday (October 4) amid growing fears that a Greek default could trigger another global recession. Even better-than-expected U.S.

　　manufacturing data overnight failed to lift Asia's export-oriented stocks. Seoul shares tumbled over five percent, triggering the suspension of programme sales on the main KOSPI Index. Japan's Nikkei fell to a 6-month-low with a sell-off in commodities pushing trading houses lower and the Greek woes pressuring the financial sector. Hong Kong's Hang Seng continued its decline after a 17 percent fall last month.

　　The benchmark hit 2-and-a-half year lows for a second straight day. Resource stocks like Anhui Conch tumbled, but a mild rebound in mainland property players helped limit greater falls.

　　Barclay's Tom Quarmby says uncertainty is ruling the markets. BARCLAYS HEAD OF REGIONAL BANKS, TOM QUARMBY: "I think the performance of the markets is characterised by one word: uncertainty.

　　And I share that uncertainty as well, as I think we're looking for some clarity around the potential policy support that the Europeans may give. We've seen good economic data overnight in the U.S. completely ignored by the markets and we've seen it selling off a bit.

　　So I would think further decline's quite possible but choppy condition's pretty much a definite for now." The massive selling pressures even prompted some authorities in Asia to step in. In Taiwan, state funds were seen stepping in local market to prop up heavyweights, such as the world's top contract chipmaker, Taiwan Semiconductor Manufacturing.

　　Uncertainty and choppy conditions strengthened gold, yen and the dollar on Tuesday. The yen hovered near a 10-year peak against the euro, while investor preference for safer assets pushed gold prices up 1 percent.

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