WELLINGTON, New Zealand (AP) — Pacific stock markets are down sharply in early trading following big losses on Wall Street amid growing fears of another global recession.
In early trading Friday, Australia's S&P/ASX 200 index was down 66 points, or 1.7 percent, at 3,899. The Australian dollar also tumbled below parity with the U.S. dollar and is trading at its lowest level in about eight months as investors seek safe havens.
New Zealand's NZX 50 index was down 58 points, or 1.8 percent, at 3,254. Financial markets in Japan are closed Friday for a national holiday.
In New York on Thursday, the Dow Jones industrial average lost 391 points and at one point was down more than 500.



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