Asian stocks open in red

Asian stocks declined after News Corp, Isuzu Motors and Cathay Pacific Airways cut their profit outlook, adding to evidence the global economy is headed toward recession.

News Corp. slumped the most since 1990 after tumbling advertising sales led the company to slash its profit forecast. Isuzu, Japan`s largest maker of light-duty trucks, fell after cutting its full-year profit forecast as a stronger yen reduces the value of overseas earnings. Cathay Pacific Airways, Hong Kong`s largest carrier, warned financial results this year will be ``disappointing.`` Panasonic Corp. lost almost 7.5% and Hyundai Motor slipped more than 5.5% on concern slowing US growth will cut demand for televisions, stereos and cars.

Japanese benchmark index Nikkei fell 541.06 points, or 5.68%, to trade at 8,980.18.

Hong Kong`s Hang Seng index declined 886.88 points, or 5.98%, to trade at 13,953.28.

China`s Shanghai Composite dropped 45.27 points, or 2.57%, to trade at 1,715.34.

Taiwan`s Taiex index slid 254.50 points, or 5.11%, to trade at 4,723.76.

South Korea`s Kospi index slipped 67.55 points, or 5.72%, to trade at 1,113.95.

Singapore`s Straits Times decreased 78.84 points, or 4.22%, to trade at 1,789.98. (8.01 a.m., IST).