All of the stock exchanges are negative some down by 6%. Tokyo and Beijing attempt to stabilise the markets by releasing millions of Yen or reducing interest rates. “We are in the midst of a crisis”.

Hong Kong (AsiaNews) – Asian markets are in free fall as fears increase of a global financial crisis in the wake of the Lehman Brothers bankruptcy and the takeover of Merril Lynch.

By mid-afternoon trading, Hong Kong's index shed 5.9%; in Tokyo, the Nikkei index was down 5.3%. Both markets were closed yesterday for the autumn holiday, delaying the backlash of the American crisis by one day.

Throughout Asian markets are in the red: the Shanghai index is down by 3.2 its lowest point in 21 months; Seoul is down 5.4%; Taipei 4.7.

Japan’s central bank has injected 2500 billion Yen (circa 17 billion Euros) onto the market in the hopes of creating some financial stability; China’s central bank yesterday lowered interest rates and reduced the amount of reserves demanded from banks.

Bangkok and the Philippines are also in tilt, where markets yesterday registered a low of 4%.  Jakarta opened on minus 6.5% and Singapore, by mid afternoon, was down by 2.2%.

So far the Indian market index has lost 5.4%; with markets in the Middle East also registering losses.

The problems are only beginning it seems. “'We're in the middle of a crisis” comments YK Chan of Phillip Asset Management Hong Kong.

 

• asia
• china
• japan
• singapore
• shanghai
• india
• bangkok
• philippines
• markets
• financial
• crises
• losses
• merril
• lynch
• lehman
• brothers