1 September, 2014 AsiaNews.it Twitter AsiaNews.it Facebook            

Help AsiaNews | About us | P.I.M.E. | | RssNewsletter | Mobile





mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato
e-mail this to a friend printable version


» 08/08/2011
ASIA
Asia stock markets plummet amid fears of new global crisis
All markets slide, some loosing up to 5%. A decline or stagnation of U.S. and European economies feared, with a reduction in consumption and exports from Asia. The G-7 promises to "support financial stability and growth." The ECB seems intent on buying Italian and Spanish bonds. The economies of many Asian countries at risk of. China’s criticism.

Hong Kong (AsiaNews) - Asian stocks continuing their downward spiral. At noon today the Nikkei index in Tokyo lost 2.3%, Seoul5%, Hong Kong 4%, 3.7% Shanghai, Singapore 4.7%, Mumbai on 3%.

The fall was expected, after the agency Standard and Poor's (S & P) downgraded the U.S. credit rating from AAA to AA +. But analysts fear another global crisis, fuelled by European and U.S. debt.

The fear of many investors is that the downgrade by S & P's means that the U.S. economy will slow down and enter into recession. In addition, Europe also struggling to grow. This means that many businesses that thrive on exports to these giants will see orders shrink each month.

Arjuna Mahendran, of HSBC, told the BBC: "We depend on requests from U.S. and Europe. A slowdown in those economies will produce a fall in consumption and this takes away a huge support pillar for the growth of the region. "

The finance ministers of the G-7 and central bank governors issued a statement yesterday in which they promised to "take all necessary measures to support financial stability and growth" by injecting liquidity into the market and acting against disorderly currency movements . The European Central Bank seems willing to buy Italian and Spanish treasury bonds. Japan also said it would act to reduce the value of yan.

Meanwhile gold, one of the few remaining assets of refuge, was quoted in Hong Kong at 1704, 3 dollars an ounce.

Today, the S & P's said that a new global financial crisis could hit Asia much harder, particularly those countries exposed to offshore markets or recovering from the damage of the 2008-2009crisis. The rating agency has predicted a decline or stagnation of U.S. and European economies and among the nations most at risk has cited Pakistan, Sri Lanka, Fiji, Australia, New Zealand, South Korea and Indonesia. But at risk - because of the blows received during the last crisis - are also Japan, India, Malaysia and Taiwan.

S & P's does not mention China among the countries at risk. But the Chinese giant is one of the largest exporters to the U.S. and Europe, as well as being the largest creditor of U.S. bonds (about 1300 billion U.S. dollars). The downgrading of the credit rating and the stagnation of Western economies is already a serious handicap for the country’s development. This is why even today the People's Daily, official organ of the Chinese Communist Party, criticized the United States and Europe, over their "political wrangling" and their "democracy", which makes them "irresponsible" towards the national economy and the other countries around the world.

"It must be understood that if the US, Europe and other advanced economies fail to shoulder their responsibility and continue their incessant messing around over selfish interests, this will seriously impede stable development of the global economy,” the paper said.


e-mail this to a friend printable version

See also
07/12/2011 ASIA
Asian stocks plummet over Eurozone debt and US “default” fear
06/23/2008 ASIA
Economy to get double whammy
by Maurizio d’Orlando
04/05/2012 ASIA
Asian stocks down: fears for European debt, while oil rises
05/07/2012 ASIA-EUROPE
Asian stocks fall after the elections in France and Greece
09/30/2008 ASIA - U.S.
Depth of the abyss of economic, social, political chaos
by Maurizio d'Orlando

Editor's choices
IRAQ-ITALY
"Adopt a Christian from Mosul," the thanks of the Patriarch Louis Sako; the concerns of the Bishop of Kurdistan
by Bernardo CervelleraThe head of the Chaldean Church is grateful for the AsiaNews campaign and hopes that "this chain of solidarity will reach far and wide”. Helping refugees to remain in Iraq. But many want to flee abroad. The bishop of Amadiyah where thousands of displaced people have found haven in churches and homes: We also help the Arabs (Muslims), and Yazidis, for free and without looking at our confessional differences.
ITALY - IRAQ
"Adopt a Christian from Mosul" to respond directly to Iraq's emergencyAsiaNews is launching a fundraiser to support Christians targeted by the Islamic State, thus responding to a request by the Patriarch of Baghdad and Pope Francis's urgent appeal "to guarantee all necessary assistance - especially the most urgently needed aid - to the great multitude of people who have been driven from their homes, whose fate depends entirely on the solidarity of others." More than 100,000 people have been forced to flee their homes leaving everything behind and now have nothing to live on. To help them, five euros a day are enough. The funds raised will be sent to the Patriarchate of Baghdad, which will distribute them according to the needs of each family.
CHINA - VATICAN
Wenzhou bishop and priests slam government's campaign against crosses and churches in Zhejiang
by Eugenia ZhangFor Mgr Vincent Zhu Weifang, from the official Church, the campaign of destruction is increasing social instability. It is real persecution against the Christian faith. The bishop apologises for failing to intervene sooner. He was hoping that the campaign would end quickly. Catholics and Protestants suffer injuries as they attempt to defend their sacred buildings. For priests in Wenzhou, the campaign is unfair and touches buildings that have all the right papers. Such "stupid acts" by the government are undermining social harmony.

Dossier
by Giulio Aleni / (a cura di) Gianni Criveller
pp. 176
by Lazzarotto Angelo S.
pp. 528
by Bernardo Cervellera
pp. 240
Copyright © 2003 AsiaNews C.F. 00889190153 All rights reserved. Content on this site is made available for personal, non-commercial use only. You may not reproduce, republish, sell or otherwise distribute the content or any modified or altered versions of it without the express written permission of the editor. Photos on AsiaNews.it are largely taken from the internet and thus considered to be in the public domain. Anyone contrary to their publication need only contact the editorial office which will immediately proceed to remove the photos.