Asia stocks sink again as oil heads further south

Iranians drivers refuel their vehicles at a gas station in the capital Tehran on January 19, 2016Asian markets resumed their downward spiral Wednesday with the previous day’s China-fuelled rally effectively wiped out by ongoing worries about plunging oil prices and the state of the world economy. The International Monetary Fund’s decision to downgrade its global growth forecast for this year and issue a warning about the outlook added to the sense of doom across trading floors. While the figures represented the slowest rate in 25 years, they did fuel hope that China’s leaders would embark on a new round of stimulus, sending Asian and European markets sailing.

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