Asian stocks fall sharply again on U.S. recession fears

[DuaneBidoux]

Source: Reuters via International Herald Tribune

Stocks in Asia tumbled Tuesday, with indexes in Tokyo, Seoul, Hong Kong and Australia losing over 4 percent as growing fears of a U.S. recession sent investors to haven government bonds.

Industrial metals, like zinc and copper, plunged and oil fell on concern any recession could hit demand.

The yen rose to a two-and-a-half-year high against the dollar as investors reduced their exposure to risky, higher-yielding assets. The strong yen hit Japanese exporters, like Toyota Motor and Sony.



Read more: http://www.iht.com/articles/2008/01/22/business/22asiastocks.php

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The second day of trading this week in Asia is seeing continued panic. I believe there may have been a chance of a good day on Tuesday in the American markets(dead cat bounce from last week) but it is hard to imagine anything but a rout now on Tuesday in the U.S.

I really hope I'm wrong because this is getting too ugly for any dem to take pleasure in (meaning it is obvious that a truly bad economy in 08 would probably be good for dems come election time).

[Name removed]

1. Deleted message

Message removed by moderator. Click here to review the message board rules.

[dysfunctional press]

2. with two days of losses abroad, wall st. is gonna have a lot of catching up to do come mornin'

look out below...

[niceypoo]

3. I smell buying opportunities....

once the dust eventually settles...

[the other one]

4. Don´t hold your breath.

Wait until a new president takes office at least.

[Nordmadr]

5. Futures down 461 points as of 8:54. N/T

[Hissyspit]

6. Asian Markets Tumble on U.S. Worries

Source: Associated Press

Asian markets tumble on US worries
By YURI KAGEYAMA, AP Business Writer
9 minutes ago

TOKYO - Global stock markets extended their slide for a second day Tuesday, plunging amid fears that a possible U.S. recession will cause a worldwide economic slowdown.

The dramatic declines in Asia and Europe so far this week were expected to spread to Wall Street, where stock index futures were already down sharply hours before the trading day began.

Japan's Nikkei 225 index nose-dived 5.7 percent — its biggest percentage drop in nearly 10 years — to 12,573.05, a day after falling 3.9 percent. Australia's benchmark index sank 7.1 percent, the market's steepest one-day slide in nearly 20 years. Hong Kong's Hang Seng index, which slumped 5.5 percent Monday, finished down 8.7 percent. In China, the Shanghai Composite index lost 7.2 percent to 4,559.75, its lowest close since August.

Indian Finance Minister P. Chidambaram urged investors to remain calm after trading in Mumbai was halted for an hour when the stock market there fell 10 percent within minutes of opening. The Sensex rebounded some later to finish down 4.6 percent. "There is no reason at all to allow the worries of the Western world to overwhelm us," Chidambaram said.

Read more: http://news.yahoo.com/s/ap/20080122/ap_on_bi_ge/world_markets

[fasttense]

7. So, is it time for the bushes to switch their tune?

They have to stop singing "Happy Days are Here Again" and start singing "Brother Can You Spare a Dime".