Most Asian stock markets sank today, with Japan's benchmark down over 1 percent, as more grim corporate news undermined optimism that China's stimulus measures will help its economy weather the global slowdown, AP reported. Japan's Nikkei 225 stock average slipped 89.29 points, or 1.1 percent, to 7,949.65, South Korea's Kospi slid 1.5 percent to 1,177.88 and China's Shanghai index, up more than 1 percent earlier in the day, lost 0.9 percent to 2,088.32. Markets in Australia, India and Taiwan also retreated. In Hong Kong, the Hang Seng was up about 1 percent at 13,202.79, but well off its highs. Shares of Lenovo slid 0.7 percent. Oil prices were little changed in Asia trade, with light, sweet crude for March delivery trading down 2 cents at $40.30 a barrel on the New York Mercantile Exchange. The contract dropped 46 cents to settle at $40.32 overnight. The dollar traded at 89.42 yen, down slightly from 89.45 yen. The euro weakened to $1.2829 versus $1.2838.
