LONDON (ShareCast) - A massive earthquake just off the northeast coast of Japan (NYSE: MCO - news) this morning caused a tsunami and sparked panic among investors just as the local stock market was preparing to close.
The leading Nikkei index (Osaka: ^N225 - news) had already fallen to a five-week low, down 179 points, or 1.7%, to 10,254, on economic concerns and public unrest in Saudi Arabia.
But the quake, measuring 8.9 on the Richter scale, led the further selling after the close, pushing Nikkei futures down almost 4% at one stage in Singapore trade.
They fell as much as 395 points to 9,975, but have since made it back above the psychologically significant 10,000 level.
In Saudi Arabia, the world's largest oil exporter, police are said to have fired on protestors, unsettling already nervous investors.
Mitsubishi Heavy Industries had improved though after Nomura increased its rating on the heavy machinery maker to "buy" from "neutral".
There were big losses in Hong Kong where the leading Hang Seng (HKSE: ^HSI - news) index tumbled 1.8% to 23,190 following the quake.
Stocks had already been under pressure after yesterday's a bigger than expected increase in US weekly jobless claims. That hurt Li & Fung (HKSE: 0494.HK - news) , Wal-Mart Stores' biggest supplier, down almost 2% on the day.
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