Hong Kong, Seoul stocks sharply lower after holidays
SEOUL, South Korea (AP) — Asian stocks shuddered again Thursday, led by sharp drops in Hong Kong and South Korea, which were catching up to global market turmoil after being shut for Lunar New Year holidays.
ANALYST'S TAKE: "What started in January as mainly China based worries has clearly broadened back out to concerns about global growth," said Shane Oliver, chief economist at AMP Capital in Sydney.
Federal Reserve Chair Janet Yellen offered no major surprises in prepared remarks released before the start of her two-day Congressional testimony.
[...] she cautioned that global weakness and falling financial markets could depress the U.S. economy's growth.
Benchmark U.S. crude was down 44 cents to $27.01 a barrel in electronic trading on the New York Mercantile Exchange.