This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7476780.stm
The article has changed 13 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Asian markets fall on US worries | Asian markets fall on US worries |
| (about 2 hours later) | |
| Asian markets suffered sharp falls on Friday after the Dow Jones in New York hit a two-year low overnight and oil hit a new high close to $142 a barrel. | |
| China's main index fell nearly 4.5%, and stock indexes in Japan, Taiwan and South Korea all shed more than 2%. | China's main index fell nearly 4.5%, and stock indexes in Japan, Taiwan and South Korea all shed more than 2%. |
| India's benchmark index was down more than 4.3% in early trade. | India's benchmark index was down more than 4.3% in early trade. |
| Crude oil surged to a record, as Brent crude jumped to $141.98 a barrel, while New York light crude climbed as high as $141.71, on concerns about supply. | |
| The fear on Wall Street, where the Dow fell more than 3%, is that rising prices and tighter finances will force Americans to curb spending and push the economy into recession. | The fear on Wall Street, where the Dow fell more than 3%, is that rising prices and tighter finances will force Americans to curb spending and push the economy into recession. |
| Investors reacted to a string of bad news about several sectors of the US economy, a prime market for Asian exporters, while worries remain about the credit crunch and sub-prime fallout. | Investors reacted to a string of bad news about several sectors of the US economy, a prime market for Asian exporters, while worries remain about the credit crunch and sub-prime fallout. |
| 'Risk averse' | 'Risk averse' |
| "We've still got bad news on the credit crunch, we've got bad news about consumers," said Garry Evans, pan-Asian equity strategist at HSBC in Hong Kong. | "We've still got bad news on the credit crunch, we've got bad news about consumers," said Garry Evans, pan-Asian equity strategist at HSBC in Hong Kong. |
| "The macro environment is not a good one and people are very risk averse." | "The macro environment is not a good one and people are very risk averse." |
| The fall in Tokyo also came after signs that oil and commodity prices were fanning inflation and causing consumers to hold back from spending. | The fall in Tokyo also came after signs that oil and commodity prices were fanning inflation and causing consumers to hold back from spending. |
| Meanwhile, uncertainties faced by China's economy due to the global economy and markets have increased, said Su Ning, deputy governor of the Chinese central bank. | Meanwhile, uncertainties faced by China's economy due to the global economy and markets have increased, said Su Ning, deputy governor of the Chinese central bank. |
| "According to the mainstream viewpoint in the international community, the biggest part of the sub-prime-related crisis has passed, but the impact of the crisis is continuing," he said. | "According to the mainstream viewpoint in the international community, the biggest part of the sub-prime-related crisis has passed, but the impact of the crisis is continuing," he said. |
| "There are different views on the trend of the dollar, and the rise of oil prices and their impact on the world economy. These things increase external uncertainties for China's economy." | "There are different views on the trend of the dollar, and the rise of oil prices and their impact on the world economy. These things increase external uncertainties for China's economy." |
| Bleak company outlook | Bleak company outlook |
| The negative mood has been compounded by a gloomy outlook from companies in the US financial, automotive and high-tech sectors. | The negative mood has been compounded by a gloomy outlook from companies in the US financial, automotive and high-tech sectors. |
| Analysts said traders feared banks and lenders would take longer to recover from the turmoil in the sub-prime mortgage and credit markets. | Analysts said traders feared banks and lenders would take longer to recover from the turmoil in the sub-prime mortgage and credit markets. |
| Citigroup shares fell 6.3%, while Merrill Lynch dropped 6.8%. | Citigroup shares fell 6.3%, while Merrill Lynch dropped 6.8%. |
| Meanwhile, a downbeat assessment of how General Motors would weather the economic storm dragged its shares down 10.8% to close at $11.43, the lowest level in more than 33 years. | Meanwhile, a downbeat assessment of how General Motors would weather the economic storm dragged its shares down 10.8% to close at $11.43, the lowest level in more than 33 years. |
| Technology stocks plunged too after industry bellwethers Oracle and Blackberry maker, Research In Motion, made worse-than-expected forecasts. | Technology stocks plunged too after industry bellwethers Oracle and Blackberry maker, Research In Motion, made worse-than-expected forecasts. |