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Global Markets Follow Wall Street Down

Sell-off fever spreads to Asia, Europe

By Rob Quinn,  Newser Staff

Posted Aug 5, 2011 4:33 AM CDT

(Newser) – Stock markets around the world are tumbling in the wake of yesterday's Wall Street meltdown. Market indexes across Asia saw major dives, and European markets are down in early trading, AP reports. The sell-off is "just a knee-jerk reaction to what's going on," said an analyst in Australia, which saw its biggest market plunge since early 2009. "We're going down simply on the fear that Italy can't pay its debts."

"You have a combination of these financial problems in Europe, and then you have the reality that growth in advanced economies is down to a trickle," a market analyst tells the Wall Street Journal. "These are basically the two pressure points leading markets into a nosebleed situation today." Big investors seeking to shift their assets into the safe haven of a bank account will find that at least one bank has started charging them for the privilege.

This trader at the Hong Kong Stock Exchange appears to be having a bad day. He's not alone.
This trader at the Hong Kong Stock Exchange appears to be having a bad day. He's not alone.   (AP Photo/Vincent Yu)
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Losses today have been indiscriminate. The big question on everyone's mind is what will happen across European and US markets tonight and will there be any form of emergency policy response? - IG Markets strategist Ben Potter

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COMMENTS
Showing 3 of 3 comments
saucier111
Aug 5, 2011 6:00 PM CDT
This might be rocket science, the rich and incorporations are sitting on more cash than any time in history,they have all the money and still no jobs. We should tax companies that hire Americans 25 percent and close all loopholes,we should tax companies that hire foreigners 50 percent and close all loopholes. There should not be any people making over a million dollars a year who does not pay federal taxes,close all loopholes. WOW now our government can pay their bills, now this money will trickle down to you and me so now we are paying taxes and a little extra to spend. So we have created demand,now incorporations will start to hire but where China or Mexico.
Reader65069154
Aug 5, 2011 6:21 AM CDT
Obamanomics in action
TexasYankee
Aug 5, 2011 5:51 AM CDT
Oh no! We wouldn't want to startle rich investors! They are the "job creators" after all! Quickly - we must go back to coddling them with more tax breaks! Better cut social safety net spending asap so we can afford it!

 
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