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Summary Benchmark oil fell below $85 a barrel while the dollar strengthened against the euro and the yen.
Asian stocks skidded lower Thursday, stung by the Federal Reserves pessimistic assessment of the U.S. economy and the perceived ineffectiveness of measures taken to kickstart growth again.Japans Nikkei 225 slumped 1.6 percent to 8,598.32 and South Koreas Kospi slid 2.6 percent to 1,806.62. Hong Kongs Hang Seng dived 3.6 percent to 18,138.32. Australias S&P/ASX 200 was 2.2 percent down at 3,984.40.Benchmarks in New Zealand, Singapore and Taiwan were also lower.Investors were beginning to despair over the U.S. economy despite an announcement by the Fed of a new bond-buying program meant to stimulate lending and growth.What we could or should do has already been done — and it still hasnt supported the market. Nothing can help the market. So it feels very dangerous, said Linus Yip, strategist at First Shanghai Securities in Hong Kong.I expect panic selling, he said. Then, hopefully the market will find its short-term bottom.Energy shares in Australia plummeted amid fears of a global economic slowdown. BHP Billiton, the worlds largest mining company, lost 4.3 percent. Rival Rio Tinto Ltd. plunged 6.8 percent. OZ Minerals dropped 7.2 percent.
