Posted on 08/05/2011 12:45:34 AM PDT by TigerLikesRooster
Asia stocks plunge to join in global rout
By Sarah Turner, MarketWatch
SYDNEY (MarketWatch) — Asian shares nose-dived on Friday, joining in a global rout fueled by heightened debt and economic-growth fears, with energy and financial stocks among the worst performers.
In Hong Kong, the Hang Seng Index (HSI:HK:HSI) fell 4.9%, while the Shanghai Composite index (SHA:CN:000001) dropped 1.7%.
Japan’s Nikkei Stock Average (TYO:JP:NIK) closed the day down 3.7%, while Australia’s S&P/ASX 200 index (ASX:AU:XJO) ended with a 4% loss. South Korea’s Kospi (KRX:KR:0100) dropped 3.6%.
“A complete crisis of confidence has emerged in the market,” said Toby Lawson, head of Asia Pacific futures, options and cash equities execution at brokerage Newedge.
Weak economic data from the U.S., from Europe and even from Australia are making people worry about the possibility of another recession, he said.
“That loss of confidence has led people to shed their holdings in assets, particularly equities, and jump into cash,” he said.
(Excerpt) Read more at marketwatch.com ...
P!
Any idea why Austria is down almost 11%?
I thought S Korea was crazy to buy gold at these prices but they might just make a killing in two years time.
Probably not a killing but decent gains. In time, it will surely go north of 2,000 and upward. ‘Buy and hold’ applies.
Good luck to them!
Recessions are arbitrarily defined. We're still in the same economic downturn. There never was a recovery.
I don't know, but that's where the Great Depression started.
Agreed. There were just bear rally and two QE's to stall the fall.
Because they’ve all forgotten how to speak Austrian?
Australian economics ?
Like Santelli said yesterday, this may be the start of the great enema that the system needs.
European markets are tanking again today. Will probably be another 2% loss sort of day.
What do they speak there, Australian?
http://www.gadling.com/2009/04/07/president-obama-thinks-austrian-is-a-language/
That's not why I have gold. Silver might have decent gains but only if timed right. The gold I hold is strictly future money. At some point the Saudis and Chinese will want something other than paper for their goods and I will pay them gold (through some middlemen). S. Korea's purchases are probably mainly to unload dollars while they are in their dying bubble.
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