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Asian markets tumble as oil prices crash

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Asian stock markets fell sharply on Monday, spooked by a major crash in oil prices.

In Japan, the benchmark Nikkei 225 index slumped by more than 5%, while in Australia, the ASX 200 ended the day 7.3% down. This was its biggest daily drop since the Global Financial Crisis of 2008.

In China, the Shanghai Composite index was down nearly 3%, off the back of weak trade data at the weekend.

Markets in the region have been rattled by the threat of a price war between oil exporting group Opec and its main ally Russia.

Asian investors were also reacting to the shrinking of Japanese economic growth by 7.1% for the last quarter of 2019.




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