Sharp losses caused by yesterday’s results on Wall Street and the lack of a new stimulus plan by China. The extent of the crises still unknown. According to China’s central bank chief there are “signs of recovery”.

Hong Kong (AsiaNews/Agencies) – Asian markets tumbled again this morning, in the aftermath of fresh losses registered by financial institutes in an expanding crisis.  The Asia-Pacific regional index remains negative for the 4th consecutive week.

Tokyo closed today at minus 3.50%, it’s lowest level in 4 months on the back of Wall Streets negative performance and the vanished hopes of a new stimulus plan from China.  New York yesterday closed down  4.09%, it’s lowest since April 1997.

Honk Kong shares closed it’s morning session at  minus 1.3%; Shanghai at minus 1.37.

So far the Asian markets have all registered losses, with the exception of  Taiwan, India and Sri Lanka.

In the afternoon, the MSCI Asia Pacific Index in Tokyo slid by 1.6%, resulting in a 50% decline compared to the same time last year.

Yoshinori Nagano, and expert in market strategy comments: “People haven’t yet understood the full depth of the financial crisis”.

Today, speaking at a press conference on the sidelines of the National People’s Congress, the Chief of the People’s Bank of China said he saw “signs of recovery” and suggested that authorities “act to restart the economy as soon as possible”.

 

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