FXstreet.com (Barcelona) - After yesterdays decline in western stock markets, Asian stocks have followed the down path today amid fears of a worsened economic situation caused by damaged financial institutions.

U.S. money managers State Street Corp. and Bank of New York Mellon reported losses on investments and considerably weaker profits. Banking stocks haven been hit by the announcement, and they have been the main drivers of the decline.

On the other hand commodity producers have been affected by lower prices, BHP Billiton announced its plan to cut 6.000 jobs and closing a mine in Australia. Australian S&P/ASX 200 index fell 1.0% and closed at 3,442.80 points.

Tokyo's Nikkei Index has lost 1.3% of its value in afternoon trading as stocks by exporters suffered from a strong Yen, that is trading at 89.85 against the Dollar: South Korean Kospi Index fell 1.0% as Samsung Electronics dropped 2.5% after announcing job cuts.