Market Mayhem
From FT : Stocks plummeted across Asia for a second day on Tuesday on unrelenting fears that the US, Asia’s most important trading partner, is heading into recession.
Indian shares sank more than 11 per cent as the market opened, resulting in a one-hour trading suspension. Hong Kong had its worst two-day fall since the aftermath of the 1997-98 Asian financial crisis. Worries about recession in Japan and a strengthening yen pushed the Nikkei down more than 5 per cent and below the 13,000 level for the first time since September 2005. Australia’s S&P/ASX 200 recorded its biggest fall since the index was launched in 2000, closing 7.1 per cent lower. The drop compared with a 7.2 per cent fall in the rival All Ordinaries index in October 1997.
Indian shares sank more than 11 per cent as the market opened, resulting in a one-hour trading suspension. Hong Kong had its worst two-day fall since the aftermath of the 1997-98 Asian financial crisis. Worries about recession in Japan and a strengthening yen pushed the Nikkei down more than 5 per cent and below the 13,000 level for the first time since September 2005. Australia’s S&P/ASX 200 recorded its biggest fall since the index was launched in 2000, closing 7.1 per cent lower. The drop compared with a 7.2 per cent fall in the rival All Ordinaries index in October 1997.
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