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Asian stocks hit after Dow plunge Asian stocks hit after Dow plunge
(30 minutes later)
Asian markets have opened heavily down after US stocks fell to their lowest level for five years.Asian markets have opened heavily down after US stocks fell to their lowest level for five years.
Tokyo's Nikkei-225 index has dropped 10.8%, while South Korea and Australia plummeted by 7% in early trading, in the wake of the Wall Street losses. Tokyo's Nikkei-225 index has dropped 11.3%, while South Korea, Australia and Singapore crashed 7% in early trading, in the wake of the Wall Street losses.
Despite concerted government action, investors are fearful the financial crisis will prompt a global recession.Despite concerted government action, investors are fearful the financial crisis will prompt a global recession.
The International Monetary Fund (IMF) has launched an emergency finance mechanism to quell the crisis. Finance minister from the G7 leading industrial countries are set to meet in Washington to discuss the crisis.
IMF chief Dominique Strauss-Khan said on Thursday the lending procedure would allow the IMF to react quickly to support countries facing funding problems. US President George W Bush is due to make an addres to the American people later in the day.
Talkis will also be held at the International Monetary Fund, whose chief Dominique Strauss-Khan said on Thursday the lending procedure would allow the IMF to react quickly to support countries facing funding problems.
Mr Strauss-Kahn said the world was "on the cusp of recession", but could still recover.Mr Strauss-Kahn said the world was "on the cusp of recession", but could still recover.
After a gloomy day's trading in Europe on Thursday, the Dow Jones - the US benchmark index - ended down 7.3% - tumbled below 9,000 points for the first time since August 2003.After a gloomy day's trading in Europe on Thursday, the Dow Jones - the US benchmark index - ended down 7.3% - tumbled below 9,000 points for the first time since August 2003.
"We're way beyond fundamentals. This is just pure panic, that's all it is," said Chris Orndorff, head of equity strategy at Payden & Rygel, in Los Angeles."We're way beyond fundamentals. This is just pure panic, that's all it is," said Chris Orndorff, head of equity strategy at Payden & Rygel, in Los Angeles.
Iceland missionIceland mission
The IMF scheme, which was used during the Asian financial crisis in 1997, would help speed up approval of loans.The IMF scheme, which was used during the Asian financial crisis in 1997, would help speed up approval of loans.
The body has already sent a mission to Iceland, where the government has taken control of its three biggest banks.The body has already sent a mission to Iceland, where the government has taken control of its three biggest banks.
There is no domestic solution to a crisis like this one Dominique Strauss-Kahn, IMF managing director Time to reform the IMF?'Major global downturn' says IMFStocks falter as fears persistThere is no domestic solution to a crisis like this one Dominique Strauss-Kahn, IMF managing director Time to reform the IMF?'Major global downturn' says IMFStocks falter as fears persist
Speaking ahead of meetings of the IMF and World Bank, Mr Strauss-Khan urged countries to act "quickly, forcefully, and co-operatively" to solve the global economic problems.Speaking ahead of meetings of the IMF and World Bank, Mr Strauss-Khan urged countries to act "quickly, forcefully, and co-operatively" to solve the global economic problems.
A day after seven central banks around the world cut interest rates in an effort to calm financial markets, the IMF chief said further co-ordinated action was necessary.A day after seven central banks around the world cut interest rates in an effort to calm financial markets, the IMF chief said further co-ordinated action was necessary.
"All kinds of policy co-operation are to be commended," he said."All kinds of policy co-operation are to be commended," he said.
But he issued a stark warning against countries acting unilaterally to fight the crisis, referring to recent isolated moves by certain European Union member countries.But he issued a stark warning against countries acting unilaterally to fight the crisis, referring to recent isolated moves by certain European Union member countries.
"There is no domestic solution to a crisis like this one.""There is no domestic solution to a crisis like this one."
Finance ministers from the G7 group of wealthy nations are to meet in Washington this weekend.Finance ministers from the G7 group of wealthy nations are to meet in Washington this weekend.