A street sign is seen on Wall Street outside the New York Stock Exchange.
Photo: Reuters
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U.S., Asian Stocks Go Through Another Slump
Hit by the U.S. recession fears, NASDAQ shed 73.28 (-3.08 percent) to 2,309.57 and DJIA lost 366.13 (-2.90 percent) to 12,269.03.
Driven down by the Wall Street news, Asian stocks suffered one of the biggest falls with Japan’s Nikkei down 3 percent in an hour after the start of the trading. Blue chips benchmark, Nikkei 225, fell 507.72 (-3.69 percent) to 13,237.78 by 4:27 MSK.
Hong Kong’s indicator of blue chips, Hang Seng, opened down by more than 5 percent, losing 1,342.88 (-5.41 percent) to 23,465.82 by 5:35 MSK.
The root cause of the Asian decline is obviously the U.S. recession fears fueled by the report of the U.S. Institute for Supply Management and the warning of Fitch Ratings that the score of the U.S. biggest insurer MBIA Inc. could be downgraded to AAA.
In this environment, the leading decliners were Mitsubishi Financial (-4 percent), Mizuho Financial (-4.5 percent) and Sumimoto Mitsui Financial (-3 percent).
Europe closed more than 3 percent down Tuesday. The British FTSE 100 lost 158.20 (-2.63 percent) to 5,868.00, French CAC 40 was down 196.78 (-3.96 percent) to 4,776.86 and Swiss SMI shed 234.29 (-3.02%) to 7,517.41. Europe’s FTSEurofirst 300 dropped 3.1 percent.
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