Australian stock market plunges nearly 4 percent Eds: Adds details, quotes, background.[
SYDNEY (AP) - The Australian stock market fell sharply Friday as concerns over the U.S. economy and Europe's debt woes battered stocks across the world.
The Australian benchmark S&P/ASX-200 index plunged 168.6 points, or 3.94 percent, at 4,107.9 shortly after opening. The country's major banks were hit especially hard, with shares in ANZ falling more than 5 percent, and Westpac and National Australia Bank down by more than 4 percent.
Stocks in the U.S. and Europe tumbled Thursday as investors worried that U.S. economic growth is slowing and concern mounted over Italy and Spain's fragile economies. In the U.S., the Dow Jones industrial average closed down 4.3 percent, the steepest point decline since Dec. 1, 2008.
Australia's Treasurer Wayne Swan sought to assure investors that Australia's economy remains robust.
"Australians should never forget that our economic credentials are one of the strongest in the developed world and that Australia has a proven track record of dealing with global economic concern," Swan told reporters.
"We are in the right part of the world at the right time. Growth in Asia-Pacific remains strong."
Australia weathered the global financial crisis better than most developed nations, helped by a 42 billion Australian dollar ($44 billion) stimulus package and strong demand for the country's raw materials.
The Australian stock market fell sharply Friday as concerns over the U.S. economy and Europe's debt woes battered stocks across the world.
The Australian benchmark S&P/ASX-200 index plunged 168.6 points, or 3.94 percent, at 4,107.9 shortly after opening. The country's major banks were hit especially hard, with shares in ANZ falling more than 5 percent, and Westpac and National Australia Bank down by more than 4 percent.
Stocks in the U.S. and Europe tumbled Thursday as investors worried that U.S. economic growth is slowing and concern mounted over Italy and Spain's fragile economies. In the U.S., the Dow Jones industrial average closed down 4.3 percent, the steepest point decline since Dec. 1, 2008.
Australia's Treasurer Wayne Swan sought to assure investors that Australia's economy remains robust.
"Australians should never forget that our economic credentials are one of the strongest in the developed world and that Australia has a proven track record of dealing with global economic concern," Swan told reporters.
"We are in the right part of the world at the right time. Growth in Asia-Pacific remains strong."
Australia weathered the global financial crisis better than most developed nations, helped by a 42 billion Australian dollar ($44 billion) stimulus package and strong demand for the country's raw materials.
