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  • » 10/06/2008, 00.00


    Asian markets still in negative zone, fear spreads

    All Asian exchanges lose ground. US and European rescue plans do not remove concern over a worldwide economic crisis.
    Hong Kong (AsiaNews/Agencies) – Asian markets continue to plunge. Despite Washington's US$ 700 billion bank rescue plan investors fear an overall slowdown of the economy. Meanwhile the financial crisis reaches Europe.

    Hong Kong’s exchange was down 3.4 per cent. Shanghai, which reopened today after a week break, dropped 3.5 per cent despite regulators’ attempts to support the market. Japan's Nikkei stock average plunged 5 per cent by mid-morning. Markets in South Korea, Singapore and Thailand also fell sharply. Indonesia's key index plunged more than 5 percent.

    Germany's announcement Sunday of a rescue package for Hypo Real Estate, the country's second-biggest commercial property lender, is good news but also a sign that Europe too is having to prop up the financial sector.

    Similar problems are affecting banks in the United Kingdom, Belgium and France.

    European leaders pledged action to avoid financial chaos, but fears remain that consumption in the United States and Europe will drop, causing a slowdown in the world economy.

    According to some analysts the US rescue plan is coming too late since the country’s economy is already in a recession.

    Last month alone the US lost 150,000 jobs.

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    See also

    01/10/2008 ASIA – UNITED STATES
    Small rise but lots of gloom on Asian markets
    Tokyo’s stock exchange gains 1 per cent but confidence levels plunge, sign of a gloomy mood. Everyone is waiting for US Senate to vote on a new financial rescue plan, but US public opinion wants offending banks to foot the bill. Economists tell government not to intervene in markets.

    02/10/2008 ASIA
    US Senate vote unconvincing for Asian markets
    Stock exchanges are down. Uncertainty persists over vote in US House of Representatives. Economists view plan as trivial compared to the enormity of the crisis, a temporary panacea that will not solve the underlying problems.

    10/06/2010 ASIA
    The world’s economic crisis, the real global warming
    There are many signs that the crisis is far from over. Europe is on the frontline, busy trying to save the euro. Things are worse in North America, but Asia too is on shaky grounds. In China, the situation is far different from that of a country with a stable growth rate as is usually said.

    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.

    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.

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