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    » 11/06/2008, 00.00

    ASIA

    Asian markets down: the recession eclipses the “Obama phenomenon”



    All stock markets are negative, following Wall Streets closure yesterday at -5%. Oil prices drop. Large companies that trade with America and airlines worst hit by recession.

    Hong Kong (AsiaNews) – All Asian stock markets are showing negative drops in the wake of Wall Streets closure yesterday at minus 5, despite euphoria over Barack Obama’s election victory.

    Investors are convinced of a reduced American economy and a consequential reduction in trade leading to a long and deep recession. Data published yesterday show the private sector in the USA lost over 150 thousand jobs in October; in September it lost 26 thousand.

    Japan's Nikkei share average slumped 5.7 per cent, led by high-profile exporters like Canon and Honda that are expected to be affected the most by a steep drop in overseas demand as consumers cut back spending. Seoul’s index was down 6.2 per cent, snapping a five-day winning streak. Consumer gadget maker Samsung Electronics and the world's fourth-largest steel producer Posco were the biggest drags on the index.

    Sydney too lost 4%; while New Zealand opened on minus 1.45.

    Taiwan stocks fell 5.10 per cent, triggering a new wave of selling despite local optimism for closer ties between Taiwan and mainland. Singapore shares were down 4.08 per cent.

    By the end of morning trading Hong Kong lost 6.40%, dragged down by the drop in share value of the airline Cathay Pacific, down 13.3% in anticipation of a drastic cut in commodities.

    Shanghai lost 2.5%; Jakarta 4.07; Kuala Lumpur 2.37; Bombay 3.31.

    In morning trading the price of crude oil for December dropped by 27%, settling at 65.03 dollars a barrel.

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    See also

    07/11/2008 ASIA
    Asian markets attempt rebound. Tokyo closes at – 3.6%
    Almost all markets rebound after heavy losses. Toyota reduces profit forecast by over two thirds. The Chinese economy feels the crunch.

    10/11/2008 ASIA
    Asian markets rally in wake of Beijing rescue plan
    China commits to a 4 billion Yuan project and across the continent markets rally. Only Taipei and Singapore fail to recover.

    14/11/2008 ASIA
    Asian markets recover as G20 gets under way
    Gains in almost all markets except Mumbay. Expectations ahead of today’s gathering in Washington.

    11/11/2008 ASIA
    Asian markets slide: recession stronger than stimulus plan
    Markets insensitive to China’s aid package (circa 600 billion dollars). Shanghai alone shows small gains (+0.36). Inflation falls in China, but this too is a sign of recession.

    30/10/2008 ASIA
    Asian markets up but recession fears remain
    All stock exchanges gain ground thanks to lower interest rates. Even Tokyo is considering cutting its interest rate.



    Editor's choices

    CHINA - VATICAN
    Vatican silence over Shanghai’s Mgr Ma Daqin causing confusion and controversy

    Bernardo Cervellera

    For some, Mgr Ma’s blog post praising the Patriotic Association and acknowledging his mistakes is nothing but “dirt”. For others, he chose humiliation for the “sake of his diocese”. Many wonder why the Holy See has remained silent about the article’s content and the bishop’s persecution. Some suspect the Vatican views the episode in positive terms. Yet, the Ma Daqin affair raises a major question. Has Benedict XVI’s Letter to Chinese Catholics (which describes the Patriotic Association as “incompatible with Catholic doctrine”) been abolished? If it has, who did it? A journey of compromises without truth is full of risks.


    CHINA – VATICAN
    Mgr Ma Daqin: the text of his “confession”

    Mons. Taddeo Ma Daqin

    Four years after quitting the Chinese Patriotic Catholic Association, the bishop of Shanghai “admits” his faults on his blog, praising the organisation that controls the Church. We publish his article, almost in its entirety. Translation by AsiaNews.


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