Steep dip as Asian markets open Asian stock markets have opened sharply lower after the biggest drop in Chinese stocks in a decade triggered a steep slide in global markets. Last Updated: Wednesday, 28 February 2007, 03:01 GMT http://news.bbc.co.uk/2/hi/business/6402915.stm Japan's TOPIX index dipped 5.04% while the country's Nikkei 225 stock index fell 693.50 points, or 3.83%. The slips were echoed in the South Korean capital, Seoul, where the country's benchmark index fell 3.9%. Tuesday's falls were sparked by a near-9% slide in Shanghai and comments fuelling fears of a US recession. Correction During Tuesday's trading, the Dow Jones fell more than 500 points at one point, before closing down 416.02 points, or 3.29%, at 12,216.24. In London, the FTSE 100 closed on a fall of 2.3%, or 148.6 points, to 6,286.1. Early Asian trading followed the trend of Wall Street overnight as the Dow Jones industrials shed more than 400 points with investors expressing fear that both US and Chinese economies are faltering. New York Stock Exchange Wall Street saw big losses on Tuesday In hectic trading in New Zealand early on Wednesday, shares fell by 3% in the biggest correction on the bourse since it dropped over 5% on 11 September 2001. The tumble was matched in Australia whose benchmark SP/ASX 200 saw its biggest fall in six years, down 3.45% or 206.9 points to 5,786.9 within 30 minutes of markets opening. In Hong Kong, Asian stocks listed on Wall Street slid 4.28%, their biggest one-day drop in nearly three years, as shares, led by Chinese stocks, fell across the board. Singapore's Straits Times Index opened 4.82% lower on Wednesday, down 155.89 points or 4.82 percent at 3,076.13. 'Sense of panic' China has been one of the main emerging markets for many investors as the country's economy has grown strongly and the government has sold stakes in some of its biggest and most attractive companies. However, the government has been looking at ways of slowing growth in order to stop the economy from overheating, and many investors are worried that it may lead to tougher regulations that will limit stock-market investment. At the same time, there are concerns that interest rates will have to be raised in order to rein in economic and price growth, further denting domestic demand for shares. Investor sentiment on Wall Street was also knocked by figures showing that US growth may be slowing down more than anticipated, with a government report earlier showing that orders for durable goods in January had dropped by the largest amount in three months.