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    » 08/08/2011, 00.00

    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.

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    See also

    12/07/2011 ASIA
    Asian stocks plummet over Eurozone debt and US “default” fear
    Tokyo drops 1.53, Seoul 2.2 in, Hong Kong 2, Shanghai 1.26. Yesterday, the European stock markets were all negative. The European Ministers of Foreign Affairs draw up a new plan to save Greece. Standoff between Obama and the House of Representatives continues over whether to raise the debt ceiling to more than 14.3 trillion dollars

    23/06/2008 ASIA
    Economy to get double whammy
    Economic forecast for the next three months indicates storm ahead as stock and credit markets collapse. The cost money is set to go up as the fight against inflation gets rougher. The dollar’s plunge could be followed by that of the euro, because of politics.

    05/04/2012 ASIA
    Asian stocks down: fears for European debt, while oil rises
    Tokyo, Seoul, Hong Kong lost at least 1%. Shanghai also drops, because of the state banks, hit by Wen Jiabao’s "no" to their monopoly. Federal Reserve reluctant to new stimulus measures.

    07/05/2012 ASIA-EUROPE
    Asian stocks fall after the elections in France and Greece
    In Tokyo -2.75%, Hong Kong -2.43, Seoul -1.81, Shanghai -0.26: the lowest in six months. The Euro falls to lowest since January. Fears that victory of anti-austerity parties will reject programs to reign in public debt, creating division in the eurozone. From 2009-2010 governments in Spain, Italy, Ireland, Great Britain, Portugal, Denmark, as well as France and Greece have changed. Signs of change in Germany.

    30/09/2008 ASIA - U.S.
    Depth of the abyss of economic, social, political chaos
    The worldwide financial situation was disastrous even before the rejection of the U.S. emergency plan. The Paulson plan for 700 billion dollars is enormous (432,10% of the total U.S. deficit), but it pales in comparison to the mountain of financial paper in circulation, well above 20% of global economic production.



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