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Recession in the EU sink stocks in Asia

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decline_6 March 6, 2012 (Chinavestor) Chinese stocks extended the decline from Monday in both key Asian stock markets. The Shanghai Composite Index (SHA:000001) fell 34.6 points or 1.4% while the Hang Seng Index (INDEXHANGSENG:.HSI) declined 459.1 points or 2.2% after a similar fall a day before. Mainland Chinese stocks led the decline, each and every components of the Xinhua 25 China Index fell on Tuesday.

China lowered its GDP growth rate to 7.5% as Europe fell into recession. The 27 member EU is China's largest trading partner, surpassing the United States and Japan.

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