Asian shares fall on follow-through from U.S. slump

Investing.com - Asian stocks dropped on Friday, dragged down by concerns about the pace of global growth.

The Nikkei 225 fell 1.1% at 15302.60 while Australia's S&P/ASX 200 was down 1.6%.

Stocks in Australia were are an eight-month low again with energy and mining stocks leading losses.

Mining heavyweights BHP Billiton Ltd (ASX:BHP) and Rio Tinto Ltd (ASX:RIO) was are down 2.6% and 2.4%, respectively. Woodside Petroleum Ltd (ASX:WPL) was down 2.4%, Santos Ltd (ASX:STO) was 2.7% lower, and Oil Search Ltd (ASX:OSH) shed 3.3%.

Korea's KOSPI was off by 0.9% at 1946.81.

Overnight, U.S. stocks tumbled on fears a softening European economy could spell trouble for U.S. earnings down the road.

The Dow 30 fell 1.97%, the S&P 500 index fell 2.07%, while the NASDAQ Composite index fell 2.02%.

Wall Street stocks took a nosedive earlier on fears a floundering European economy could hurt Corporate America's business overseas.

In Europe earlier, data revealed that Germany exports fell 5.8% in August, which rattled nerves in U.S. equities markets.

Elsewhere, European Central Bank President Mario Draghi spoke earlier and reiterated that the institution's willingness to loosen policy to steer the euro area away from deflationary decline if needed, adding that markets are expecting the bank to begin hiking interest rates some time in 2017.

Ongoing conflicts in the Middle East and in Ukraine added to fears that geopolitical events could slow global growth and dampen U.S. recovery, while fears of an Ebola outbreak spreading to Europe and even into the U.S. sent investors ditching equities and chasing safe-haven gold and dollar positions.

Upbeat U.S. data did little to boost spirits.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 4 fell by 1,000 to 287,000 from the previous week’s revised total of 288,000.

Analysts had expected jobless claims to rise by 6,000 to 294,000 last week.