ASIAN MARKETS' GLOOMY OUTLOOK

Asian markets continued to decline following
a wave of negative news [AFP]

Major Asian markets have entered the weekend on a gloomy outlook, weighed down by bad corporate news and the sharp decline on Wall Street.

Investors were anticipating more negative news from an important report that is expected to show further huge job cuts in the US as the recession deepens.

News of General Motors, once the world's biggest car maker, facing possible bankruptcy if it fails to generate more cash, has also dragged share prices from Wall Street to Tokyo sharply lower.

Japan's benchmark Nikkei, Asia's biggest by value, slumped by more than three per cent on Friday, following Wall Street's drop to a 12-year low.

Other major regional markets slid an average 1.4 per cent, with Sydney shedding 1.6 per cent to hit the lowest level since august 2003.

Malaysian shares were down slightly more than one per cent as news came that the country's exports had dropped 27.8 per cent in January from a year ago.

The country's trade ministry on Friday said it was biggest fall in 28 years, and worse than expected.

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