Asian stocks slide

Asian stocks tumbled on Monday after last week's historic downgrade of the United States' credit rating, which compounded concerns over the world's biggest economy as well as the global outlook.
The falls were echoed by big losses in oil while gold surged to a new record above $1,700 as investors moved out of risky assets.
They also followed a huge sell-off on Friday caused by mounting problems in the eurozone amid growing expectations that Italy and Spain could need a bailout.
The combination of the eurozone debt problem and Standard & Poor's downgrade led to frantic talks between financial chiefs and central bankers of the G7 and European Central Bank at the weekend as they tried to prevent another day of market turmoil.
But it was not enough to prevent big falls in Asia.
Tokyo shed 2.18 percent, or 202.32 points, lower at 9,097.56. Hong Kong fell 2.17 percent, or 455.57 points, to 20,490.57 and Shanghai lost 3.79 percent, or 99.60 points, to 2,526.82, its lowest level since July 19 last year.
Global markets dived Friday -- before the S&P announcement -- after a fresh batch of weak US economic data and a warning from the head of the European Commission that the eurozone crisis had likely spread to other economies.
S&P on Friday cut the US debt rating to AA+ with a negative outlook from the top-notch triple-A for the first time.
The decision sparked criticism from Washington, with Treasury Secretary Timothy Geithner saying the agency had shown "terrible judgement" and assuring investors US Treasuries were as safe as ever.
With fears meanwhile running high that eurozone debt could plunge the world into a new financial crisis, the European Central Bank promised to make major purchases of eurozone government bonds.
Fears of a global meltdown, which some see as potentially worse than the 2008 collapse, sent leaders into a flurry of phone calls between Berlin, London, Paris and Washington over the weekend to stem the tide.
The euro was trading at $1.4382 in Tokyo late trade, up from $1.4281 in New York late Friday, before the Standard & Poor's downgrade.
Against the yen the euro was at 111.91 from 111.01 in New York Friday, while the dollar slipped to 77.79 yen from 78.48 yen.
Gold ended at a record high $1,706.00-$1,707.00 an ounce in Hong Kong, well up from Friday's close of $1,655.50-$1,656.50, with investors piling into the safe-haven metal in times of economic uncertainty.
On oil markets New York's main contract light sweet crude for September delivery tumbled $2.99, or 3.44 percent, to $83.89 a barrel in the afternoon.
Brent North Sea crude for September sank $2.83, or 2.59 percent, to $106.54.
In other markets:
Singapore closed down 3.70 percent, or 110.78 points, to 2,884.00. Singapore Telecommunications fell 3.60 percent to 2.95 and Keppel Land shed 5.63 percent to 3.35.
Mumbai closed 1.82 percent, or 315.69 points, off at 16,990.18, its lowest level for nearly 14 months.
Bangkok fell 1.39 percent, or 15.19 points, to 1,078.19.