Posted on 10/22/2007 4:15:09 AM PDT by shrinkermd
SINGAPORE, Oct. 22 — Renewed concerns about the health of the American economy sent Asian stocks sharply lower today, and European stocks also registered declines in early trading.
Following a dramatic decline by stock prices in the United States on Friday — the 20th anniversary of the 1987 “Black Monday” stock market crash — investors in Asia sold off stocks on worries that the United States mortgage crisis would crimp demand among American consumers for Asia’s exports.
Hong Kong’s benchmark index of share prices fell by almost 3.3 percent, while in Japan the benchmark Nikkei 225 Stock Average dropped by more than 2.2 percent. South Korean stocks fell by 3.25 percent. Asia’s smaller markets were also hard hit: stocks in the Philippines slid by roughly 4 percent.
In Europe during early trading, London’s FTSE 100 was down 88 points, or 1.4 percent, but was trading off its lows. The German DAX stock market index was down 1.3 percent, and the Paris market had fallen by around 1.8 percent.
(Excerpt) Read more at nytimes.com ...
This whole thing is overblown. Short of a major terrorist strike or blockade of Middle East oil we have almost no change of a recession in the immediate future. BUT, goes to illustrate how much the world depends on the US as a market.
employment is strong, hanging below 5%. In past years 5% was considered full employment as the unable or unwilling workers comprised about 5% of the force.
manufacturing has slight fluctuations but is generally strong. Productivity is good.
retail may fall below analysts expectations, but is always strong. Is this problem all attributed to the bankers and their socially-inspired greed with risky loans the only culprit? what else must improve to call it a strong economy??
The Titanic was an amazingly seaworthy vessel...
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