Asian stocks slide in nervous trade

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Asian stocks fell in early trade today before clawing back some of their losses following frantic weekend efforts to calm financial markets after a downgrade to the United States’ credit rating.

The slide came after financial chiefs and central bankers of the G7 nations pledged to “take all necessary measures” in coordinated action to support stability and the European Central Bank said it would buy up eurozone debt.

Tokyo opened 1.40 per cent, or 130.21 points, lower at 9,169.67 before recovering slightly in the morning while Seoul was also 1.40 per cent lower at the open, falling 27.18 points to 1,916.57.

Seoul pared some of its losses to stand 0.5 per cent off in morning trade.

Australian stocks fell 1.8 per cent, of 73.9 points to 4,031.5.

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