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Jun 27, 2008

Asian markets tumble

malaysianinsider - [...] Asian stock markets tumbled today after Wall Street plunged overnight and crude oil spiked above US$140 a barrel for the first time, reigniting fears of a global economic slowdown.

Key stock indices in Japan, Taiwan and South Korea all shed more than 2 per cent. Shanghai's benchmark plunged nearly 4.5 per cent and India's was down more than 3.5 per cent in early trade.

The losses came after US stocks sank yesterday, with the Dow Jones industrial average declining more than 3 per cent to its lowest level in almost two years.

Investors reacted nervously to a wave of dismal news about several sectors of the American economy, a vital export market for Asia. Analysts downgraded General Motors Corp, Citigroup and Merrill Lynch & Co, while disappointing forecast from Oracle Corp and BlackBerry maker Research In Motion Ltd forecasts rattled investors about the tech industry.

Worries about inflation grew after crude oil futures jumped above US$140 yesterday after Opec's president said prices could go past US$150 a barrel this year and Libya said it may cut oil production.

"We've still got bad news on the credit crunch, we've got bad news about consumers," said Garry Evans, pan-Asian equity strategist with HSBC in Hong Kong. "The macro environment is not a good one and people are very risk averse."... selanjutnya.


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