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Asian markets hit by credit woes Asian markets hit by credit woes
(about 1 hour later)
Asian markets have plunged amid renewed fears about the US economy mirroring heavy falls on Wall Street. Asian markets have plunged amid renewed fears about the US economy, echoing heavy falls on Wall Street.
Japan's Nikkei index lost 2.1% or 352.9 points to close down 16,517.5, while Hong Kong's Hang Seng sank by 3.2%. Japan's Nikkei index lost 2.1%, or 352.9 points, to close at 16,517.5, while Hong Kong's Hang Seng fell 3.2%.
Earlier the Dow Jones shed more 2.6%, after two leading banks were downgraded by brokers. Earlier the Dow Jones had shed 2.6%, after two leading banks had their ratings downgraded by brokers.
There are also concerns that US interest rates may not drop further after the Federal Reserve warned of a risk of inflation after its latest cut.There are also concerns that US interest rates may not drop further after the Federal Reserve warned of a risk of inflation after its latest cut.
And the price of oil, which climbed above $96 a barrel on Thursday before retreating to around $93, also made investors nervous. The price of oil, which climbed above $96 a barrel on Thursday before retreating to around $93, had also made investors nervous.
Spending tightenedSpending tightened
While stocks in the US had risen on Wednesday after the Federal Reserve opted to cut rates to 4.5% from 4.75%, by Thursday fears about the credit crisis dominated markets.While stocks in the US had risen on Wednesday after the Federal Reserve opted to cut rates to 4.5% from 4.75%, by Thursday fears about the credit crisis dominated markets.
Data released by the Commerce Department suggested that consumers had tightened their spending in September - a signal of the slowing economy.Data released by the Commerce Department suggested that consumers had tightened their spending in September - a signal of the slowing economy.
And CIBC World Markets had downgraded two leading US finance firms - Citigroup and Bank of America sending their shares 6.8% and 5.4% down respectively. In addition, CIBC World Markets downgraded two leading US finance firms - Citigroup and Bank of America - sending their shares down by 6.8% and 5.4% respectively.
The BBC Global 30 that tracks stocks worldwide slipped 1.55% while The Standard & Poor's 500 Index was down 2.6% to 1,508.44 and the Nasdaq Composite Index fell 2.2%, to end at 2,794.83. The BBC Global 30, which tracks stocks worldwide, slipped 1.55%. The Standard & Poor's 500 Index ended down 2.6% at 1,508.44 while the Nasdaq Composite Index fell 2.2% to end at 2,794.83.
Concern about the fallout from the sub-prime mortgage crisis was set to linger for some while yet, said Yasushi Hoshi, a strategist at Daiwa Securities.
"The worst (losses from credit crunch) are priced in for the July-September quarter, but the sub-prime mortgage jitters won't be completely gone in the near term," he said.