08/05/2011, 00.00
ASIA
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Asian stocks plunge after Wall Street and Europe

Losses from 3 to 4%. Price of oil and gold plummet. Yesterday New York lost 4.3%. Industries that export to the West penalized. "Close to the abyss."
Hong Kong (AsiaNews) - Asian stock markets plunged in the wake of Black Thursday on the New York Stock Exchange, the worst in over two years.

At three in the afternoon, the Nikkei had lost about 4%, the worst result since 2008; Hong Kong has sunk to less than 4.8%, the same levels for China and for Australia, Seoul dropped to minus 3%, minus 3% also in Taiwan.

According to analysts, the market is beset by fear and uncertainty over a possible recovery of the U.S. economy and the debt crisis in Europe.

Yesterday Wall Street closed down 4.31. But all the European stock markets closed in the negative: London - 3.43, - 3.4 in Germany, and France - 3.9, - 5.16 in Italy, and Spain - 3.89.

The majority of Asian companies that base their revenue on exports to the West, are now in decline: Sony has lost 4.9%, Toyota 3.8; in China, manufacturers of aluminium and copper have dropped to less 3%.

The price of oil also dropped by 1% yesterday in New York. Even the gold is priced today at 1644.19 dollars against yesterday's 1681.

According to some analysts, optimism has disappeared and "growth is on the verge of an abyss."

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