» 11/18/2008 10:46 ASIA Asian markets fall in wake of bank job cuts Citigroup cuts 52 thousand jobs; HSBC a further 450 (added to 1100 already announced in September). In one year alone Asian markets are down 58%. The global average is 47.5 %.
Hong Kong (AsiaNews/Agencies) – Asian stock markets slid this morning in the wake of Citigroup’s announcement that it will cut up to 52 thousand jobs and experts forecasts of at least one more year of financial woes.Despite bail-out plans and the promises of the G20 to save banks and the financial sector, Citigroup, the second biggest bank in the USA is reducing its personnel by 15%.
HSBC (Hong Kong and Shanghai Bank) in Hong Kong has announced further job cuts of up to 450 people, added to the 1100 already laid off in September.Asian-Pacific regional stock markets are at -1.85%, registering an annual loss of up to 58%.Asian losses are the highest on a global scale where the average is – 47.5%.By midday, Tokyo’s Nikkei index was down 1%; Seoul at minus 2.18; Singapore at minus 0.86%.Shanghai marked up the worst losses of the morning, losing over 6%.Hong Kong was close behind at minus 5.6% by mid-afternoon.
In the US the price of crude oil for December was up to 55.06 dollars per barrel.Yesterday it hit 54.95 its lowest price since January 2007.Petrol prices are holding out against fears of a down turn in the US and Japanese economies, which would result in a drop in demand.
