Renewed fears that the global economic recovery is faltering shook investors across Asia, sending stock markets in the region sharply lower Thursday.  The Nikkei fell below the 10,000 mark for the first time in three weeks.  Dollar and yen rose as hedge funds sold off risky positions and traders trimmed their appetite for risk. 

The Nikkei 225 stock average fell 1.8% to 9,891.10 and Hong Kong’s Hang Seng index plunged 2.3% to 21,264.99 points. In Mainland China, the Shanghai Composite Index dropped 2.3% to close at 2,960.47.  All other major indices in the region ended in the red.   

On Wednesday, US stocks tumbled after a weaker-than-anticipated new home sales report aggravated concerns that the seven-month old rally has gone ahead of any economic recovery.  To add to the bearish sentiment Goldman Sachs lowered its projection for the third-quarter gross domestic product.  The government's report on third-quarter GDP is due

Asian stocks declined Monday as cautious investors evaluated whether the three-moth old rally is due for a pause amid conflicting sings of an economic recovery.  European stocks were also down following the losses in Asia.  Earlier, Asian benchmarks declined with Japan's Nikkei 225 stock average losing 1% to 10,039.67 and the Hang Seng Index in Hong Kong declining more than 2%.  South Korea's Kospi was off 1.1%. However, the Shanghai Composite index in Mainland China bucked the trend, rising 1.7%. 

U.S. stock futures pointed to a lower open on Wall Street with Dow futures down 94 points, or 1.1%, at 8,696.

Friday saw a quiet trading week coming to a halt, in which the Dow Jones Industrial Average joined the S&P and Nasdaq in positive territory for the year.  The Dow, which has risen in 12 of the last 14 weeks, gained 28 points, or 0.3%, to close

Asian markets jumped to eight-month highs Monday on expectations of a global economic recovery even as General Motors prepared to file for a historic bankruptcy protection.  A third successive rise in Chinese manufacturing also raised hopes that the worst of the economic crisis is over.  The Shanghai Composite Index in Mainland China jumped 3.4% as the country's official purchasing managers' index for May fell to 53.1 from 53.5 in April.  Hong Kong's Hang Seng surged 4% and the Nikkei added 1.6%.

Following the overseas gains, US stock futures suggest Wall Street is headed for a higher open.  Dow Jones industrial average futures rose 1.2% to 8,586. Standard & Poor's 500 index futures jumped 1.4% to 930.50, while Nasdaq 100 index futures gained 1.1% to 1,451.50.       

On Friday, a late-session rally pushed U.S. stocks to their biggest three-month run since 2007, as commodities recorded their highest monthly advance

Asian markets declined Monday but Indian stocks witnessed an unprecedented surge on hopes the ruling coalition's victory in national elections would result in wide-ranging economic reforms.  All other major indexes in the region declined after losses at two of Japan's leading companies fueled concern the recent rally in stocks was overdone.  The Nikkei Stock Average declined 2.4% after Japan's Panasonic and Mizuho Financial reported wide losses for the last fiscal year; South Korea's Kospi was off 0.4%.  The Shanghai Composite Index in Mainland China edged up 0.3% and Hong Kong's Hang Seng added 1.4%.  

India's Sensex jumped 2,099.21 points, or 17%, to 14,272.63, before trading was halted for the day.     

Stock futures showed a higher opening on the Wall Street.        

On Friday, U.S. stocks declined as lack of a clear economic data suggesting economic recovery and General Motors' (NYSE:GM) announcement that it will drop 1,100 dealers

Most Asian markets closed higher Wednesday amid media reports Bank of America (NYSE:BAC), one of the 19 financial firms undergoing stress tests, would need $35 billion in fresh capital to offset the impact of credit losses.  Uncertainty over the test results, to be made public Thursday, kept investors on the sidelines early in the day but markets rebounded as investors saw fresh buying opportunities.  The Shanghai Composite Index in Mainland China edged up 1% and Hong Kong's Hang Seng added 2.5% to close at 16,834.57. South Korea's Kospi edged 0.3% lower. 

U.S. markets felt the jitters yesterday as the anxiety over the pending stress test results somewhat offset Bernanke's optimistic view that the U.S. economy is on track for a recovery.  The Fed Chairman's testimony before the joint congressional economic committee, nevertheless, helped equity markets end the day relatively flat.  The S&P 500 declined 0.4% but managed to