Record losses on Asian markets with Tokyo down 11.41 per cent at closing time
It is the worst result in two years. Japanese premier says US rescue plan is “insufficient.” Data show US, Asia’s greatest export market, is near or already in a recession.
Hong Kong (AsiaNews/Agencies) – Asian stock exchanges had another major tumble today after Wall Street plunged by 7.8 per cent yesterday following the release of worse-than-expected data that showed the US economy was already in a recession.
Tokyo’s key stock index led the way downward closing at 11.41 per cent lower, the worst result in two years.
Japanese Prime Minister Taro Aso blamed the renewed drop in markets on an 'insufficient' US bank rescue plan.
US retail sales fell 1.2 per cent in September, almost double the 0.7 per cent decline analysts expected—clear evidence that consumer spending was weakening.
The US Federal Reserve also announced that the US economy will slow further amid fears of recession in what is Asia’s largest export market.
At noon stocks in Hong Kong were down by 7.6 per cent. The Shanghai Composite Index was lower by 3.68 per cent; Seoul by 8.4; Taipei by 3.5; Kuala Lumpur by 3.57 and Singapore by 6.1.
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See also
Asian markets fall tracking US pessimism
20/11/2008
20/11/2008
Asian stock markets continue to tumble
17/08/2007
17/08/2007
