07/29/2011, 00.00
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Asian markets plummet after Republican say no to Boehner plan

Concerns about the United States public debt cause a general decline in stocks. Tokyo looses 0.69%, following the collapse of shares in technology. Hong Kong and Shanghai fare no better.
Hong Kong (AsiaNews) - Asian markets have plummeted after the Republicans’ rejection House Speaker, John Boehner’s plan for a deal on the U.S. public debt.

In the afternoon (local time) Tokyo’s MSCI Asia-Pacific index lost 0.8%, led by technology stocks, after Ninet and Sony cut profit forecasts. The yen rose 0.3% to 77.46 per dollar while the euro lost 0.4% against the Swiss franc after the announcement by Moody's ratings of a possible downgrade for Spain.

At the end of trading in Tokyo, markets were down 0.69%, Hong Kong 0.48% and Seoul 1.02%. Still open, but on a negative trend Shanghai +0.26%, Taiwan -1.40%, Seoul -1.02%, Sydney, Australia -0.88%, -0.11% Mumbai, Singapore -0.02% , Bangkok -0.25% and Jakarta -0.87%.

In Tokyo, in particular, shares in the electronics sector were down such as Nintendo (-21%) and Sony (-3%). The technology sector also fared badly with TDK (-5.7%), penalized by the thud of the profits, and Taiwan Semiconductor Manufactorig (-1.4%)

A drop in futures forecast another difficult session for Wall Street, as has been the case now for four days.

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See also
Asian markets fall amid fear of U.S. government (budget) crisis
Beijing worried about collapse of U.S. economy
China is in good shape, but must not underestimate the global crisis
Asian markets drop after euphoria over Spain cools and fears for Italy and Greece emerge
Asian stock markets fall, doubts about recovery in China


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“L’Asia: ecco il nostro comune compito per il terzo millennio!” - Giovanni Paolo II, da “Alzatevi, andiamo”