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  • » 10/27/2008, 00.00

    ASIA

    Asian markets drop further, G7 warning over yen



    A strong yen creates concerns. Tokyo loses 6 per cent, the lowest point in 26 years. Seoul is down as well despite government steps. Manila is the worst performer with 12 per cent loss.
    Hong Kong (AsiaNews/Agencies) – At today’s opening Asian shares began their downward trend again as operators fear an even deeper recession. 

    Tokyo’s Nikkei index lost 6 per cent by midday, hitting a 26-year low.

    G7 countries warned that the surging yen posed a threat to Japanese exports as the world's second-largest economy tumbles toward recession.

    Japanese Prime Minister Taro Aso asked ministers to consider emergency measures to stabilise the stock market, including government purchases of shares and relaxing rules on recapitalisation of banks.

    Other indexes are not doing much better, Seoul was down by 4 per cent by midday even as the country's central bank slashed its key interest rate by 0.75 per cent for the second time this month in a bid to boost the economy and reverse the market's recent slide.

    Hong Kong slipped by 4.2 per cent; Shanghai, by 3.61 per cent; Taipei, by 4.65 per cent; Manila, by 12.3 per cent; Jakarta, by 6 per cent; Bangkok by 6.96 per cent. Singapore and Kuala Lumpur were closed instead for a public holiday.

    Crude oil prices were steady at around US$ 64.14 a barrel after OPEC moved to cut production in an attempt to halt rapid declines.

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    See also

    25/11/2008 ASIA
    Tokyo up by 5.22 per cent as shares in Asia surge in response to Obama’s promises
    All stock exchanges rise. Shanghai shows smallest gain with only 0.1 per cent. Oil prices up on news of possible production cuts.

    20/10/2008 ASIA
    Asian stocks up, China’s growth down
    Most markets gain. Shanghai, Taipei and Manila dip. China’s economic growth slows to its lowest point in five years because of the Olympics but especially falling exports. World finance is in for major retooling. Oil prices drop as OPEC is set to cut output.

    23/10/2008 ASIA
    Markets down again, Tokyo loses another 5 per cent
    Fears of a global recession are up. Projections are negative for Great Britain. Recession is almost “in sync” in the European Union and the United States. Oil prices drop.

    15/10/2008 ASIA
    Asian markets lower on recession fears
    Only Tokyo closes higher, all the other markets are negative. Although the financial crisis seems to have passed, economic problems remain.

    22/10/2008 ASIA
    Asian markets fall again with Tokyo losing 5 per cent and Seoul 8 per cent
    The crisis is no longer only financial as fears of recession rise. Only 3 per cent of US companies show positive quarterly results. Lower US demand is putting pressure on Japanese and Chinese exports.



    Editor's choices

    VATICAN
    Pope: together with the faithful in China on 24 May to celebrate Our Lady of Sheshan



    During the Regina Caeli, Pope Francis speaks about the World Day of Prayer for the Church in China, instituted by Benedict XVI. Chinese Catholics must make a “personal contribution to communion among believers and to harmony in the whole society." AsiaNews Symposium on the Church in China is set for this week. Francis appeals for peace in the Central African Republic, and for loving “one another following the example of the Lord”. For him, “Sometimes conflicts, pride, envy, and divisions leave a blotch on the beautiful face of the Church.” Five new cardinals will be named, including a bishop from Laos.


    VATICAN-CHINA
    May 24, 2017: 'China, the Cross is Red', AsiaNews Symposium

    Bernardo Cervellera

    The event will be held to mark the World Day of Prayer for the Church in China. A title with many meanings: the Cross is red from the blood of the martyrs; From attempts to suffocate the faith with state control; Bceause of the contribution of hope that Christianity gives to a population tired of materialism and consumerism that is seeking new moral criteria. The theme is also about the great and unexpected religious rebirth in the country. Guests to include: Card. Pietro Parolin, Msgr. Savio Hon, the sociologist of religions Richard Madsen, the testimonies of Chinese priests and laity.


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