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  • » 10/02/2008, 00.00

    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.
    Hong Kong (AsiaNews/Agencies) – Asia stock exchanges are still in negative territory despite US Senate approval of the US government financial rescue plan last night. Japan's main Nikkei index ended the day trading down 1.9 per cent, whilst Hong Kong's Hang Seng slipped 1.4 percent. Australian shares also declined, losing 0.9 per cent on Thursday. In Singapore shares ended lower by 0.9 per cent and in Seoul they fell by 1.4 per cent.

    Despite Senate approval the US financial rescue plan faces hurdles in the lower house which rejected a first version of the proposal last Monday.

    The plan was slightly changed with the addition of tax breaks for the middle class and small and medium size business as well as a provision to increase bank deposit insurance to US0,000 from US0,000.

    The core of the plan—which would see the government buy toxic debt from financial institutions to get banks lending again—is unchanged.

    Public opinion in the United States remains hostile to a proposal that would save Wall Street and have US taxpayers foot the bill. What is more for hundreds of economists the plan is only a short-term solution, useless to tackled the financial bubble.

    “There is little room for optimism. Even if the bill is passed, worries remain over the global economic outlook so financial markets are unlikely to stabilise,” said Masamichi Adachi, a senior economist at JPMorgan Securities in Japan.

    “It's a completely different world now. All the things US authorities are doing now are simply aimed at preventing a global meltdown. They might trigger a short rally in markets but won't offer a fundamental solution,” he said.

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    See also

    06/10/2008 ASIA
    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.

    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.

    30/09/2008 ASIA - U.S.
    Depth of the abyss of economic, social, political chaos
    The worldwide financial situation was disastrous even before the rejection of the U.S. emergency plan. The Paulson plan for 700 billion dollars is enormous (432,10% of the total U.S. deficit), but it pales in comparison to the mountain of financial paper in circulation, well above 20% of global economic production.

    06/10/2008 ASIA - U.S.
    Paulson plan: useless and harmful to democracy
    The 700 billion dollars approved by the U.S. Senate and House to rescue the American financial system resemble a "sheriff of Nottingham" plan: take from the poor and give to the rich. The plan is harmful, and above all insufficient. Commercial debt, the national budget, and consumption must be reviewed, and especially the monetary system. The silence of the Catholic world.

    13/10/2011 CHINA – UNITED STATES
    US Senate ready to punish (already declining) Chinese exports
    The US upper chamber passes a bill against currency manipulation to stop the wave of low cost Chinese goods flooding the US market. The bill is not expected to get through the lower house. Xinhua warns the move might trigger a trade war. Meanwhile, Chinese exports decline.



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