- This topic is empty.
-
Posts
-
It will be intersting to see how they handle this crisis. I’m almost afraid to see what will happen with the European markets.
Asian markets in free fall
Investors continue to sell with little sign of the financial storm abating [Reuters]
Stock markets in Asia have gone into free fall following a record fall on Wall Street overnight despite efforts by the US central bank to signal a possible interest rate cut soon.
Japan’s benchmark Nikkei index plunged almost nine per cent in afternoon trading on Wednesday, hitting the lowest level since October 2003.
India’s Sensex index and Hong Kong’s blue chip Hang Seng both dived by nearly six per cent.
Trading on the Indonesian stock market was suspended after the main index plummeted more than 10 per cent in mid-morning trade.
And share prices elsewhere in the Asian region were also sharply lower after the US market fell for a fifth straight session overnight.
US stocks slumped more than 500 points to a five-year low at the close of trading on Tuesday as the financial turmoil continued.
The Dow Jones was down 508 points, or 5.1 per cent, despite assurances from George Bush, the US president, that the nation would overcome the crisis.
Bush said on Tuesday the economy would be “just fine” in the long run, and that he was in close contact with European leaders to ensure the market turmoil would not destabilise foreign markets further.
“We have been through tough times before and we’re going to come through
this again,” he said.But the country’s chief central banker was not as optimistic.
REYKJAVIK, Iceland – This volcanic island near the Arctic Circle is on the brink of becoming the first “national bankruptcy” of the global financial meltdown.
“Everything is closed. We couldn’t sell our stock or take money from the bank,” said Johann Sigurdsson as he left a branch of Landsbanki in downtown Reykjavik
like I said keep cash on hand just in case.
