Asian, European stocks fall

Asia stock markets tumbled in early trading as investors reacted to the passage of a USD 700bn bank rescue plan in Washington, VOA reports.

Izvor: BBC

Monday, 06.10.2008.

13:23

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Asia stock markets tumbled in early trading as investors reacted to the passage of a USD 700bn bank rescue plan in Washington, VOA reports. By midday Monday, stock prices in most Asian markets were down at least three percent. The selling follows last Friday's tumble on Wall Street after Congress approved a plan to rescue troubled banks. Asian, European stocks fall Connie Bolland is chief economist at Economic Research Analysis in Hong Kong. She says investors fear the U.S. plan is not enough as more banking problems in Europe surface. "So it's like it's spreading," she said. "I think people are getting more alarmed that a global recession is coming." Bolland says Asia's economy depends on exports to the United States and Europe, so if their economies are weak, Asian companies could see sales fall. Oil prices fell to about USD 92 a barrel early Monday. The euro sank to a 13-month low against the dollar, at USD 1.36, and the dollar fell to just over 103 yen. In Europe, stock markets have fallen sharply with investors worrying over the growing level of financial turmoil. London's FTSE 100 index and France and Germany's main stock markets had all lost about 6 percent in morning trading, the BBC says. The Korea Composite Stock Price Index (KOSPI) tumbled 4.29 percent to a yearly low of 1,358.75 (Beta)

Asian, European stocks fall

Connie Bolland is chief economist at Economic Research Analysis in Hong Kong. She says investors fear the U.S. plan is not enough as more banking problems in Europe surface.

"So it's like it's spreading," she said.

"I think people are getting more alarmed that a global recession is coming."

Bolland says Asia's economy depends on exports to the United States and Europe, so if their economies are weak, Asian companies could see sales fall.

Oil prices fell to about USD 92 a barrel early Monday. The euro sank to a 13-month low against the dollar, at USD 1.36, and the dollar fell to just over 103 yen.

In Europe, stock markets have fallen sharply with investors worrying over the growing level of financial turmoil.

London's FTSE 100 index and France and Germany's main stock markets had all lost about 6 percent in morning trading, the BBC says.

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