Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 5, 2008 6:39:00 AM CDT

Learn about Newser Points »

Back to the grid

US Recession Fears Pummel World Markets

Posted Jan 21, 08 6:09 AM CST in Business    Most Covered

(Newser) – Markets across Asia and Europe fell sharply today on fears of a looming US recession and a lack of confidence in Bush’s $145 billion economic rescue plan, reports Bloomberg. Japan's Nikkei was off 3.9% and the Hong Kong Seng Index fell 3.5%, the most since Sept. 11, 2001. In Europe, the Dow Jones Stoxx 600 slid 5.6% by midday.

"It's the worst I've ever seen,'' a fund manager in Stockholm told Bloomberg. "The financial system is in terrible shape, and no one knows where this will end.'' US markets are closed today, but world markets continued to react to compounding fears. The Nikkei and Seng have dropped 13% and 11% respectively this month; the Stoxx 600 is down 23% since June. Analysts say markets may rebound as buyers bargain hunt.

Sources: Bloomberg, Bloomberg, Reuters

Editor Recommended

Related News

  • Restaurants, Retailers Gulp as Consumers Tighten Belts

    Apr 27, 08 11:46 AM CDT
    Restaurants, Retailers Gulp as Consumers Tighten Belts The rising price of staples like milk and gas, coupled with layoffs and flat-lining wages, is creating a nation of penny-pinching consumers, the New York Times reports. Industry is taking notice as buyers substitute generic brands for top-of-the-line products and skip eating out at restaurants. More »

  • Pelosi, Dems Hijack Colombia Free-Trade Deal

    Apr 9, 08 6:58 PM CDT
    Pelosi, Dems Hijack Colombia Free-Trade Deal Congressional Democrats thumbed their noses today at Bush's renewed efforts to pass a free-trade pact with Colombia. Bush sent the bill over Monday, mandating Congress to vote yea or nay within 90 days. Or so he thought. Nancy Pelosi is changing the House rules and won't allow a vote until the White House attends to more pressing domestic issues, the New York Times reports. More »

  • Dems Push New Aid Package as Job Market Swoons

    Apr 5, 08 9:25 AM CDT
    Dems Push New Aid Package as Job Market Swoons Democrats are calling for another stimulus package to help American workers as unemployment soars, the New York Times reports. Almost 250,000 American jobs have been lost since the beginning of the year—including 80,000 in March—leading one policy expert to say it's time the government switched focus from the housing crisis to the flagging job market. More »

  • US Drops 80,000 Jobs, Biggest Loss in 5 Years

    Apr 4, 08 8:00 AM CDT
    US Drops 80,000 Jobs, Biggest Loss in 5 Years Unemployment surged in March to 5.1%, the worst it’s been since September 2005, reports the Wall Street Journal. The country lost 80,000 non-farm jobs last month after dropping 76,000 jobs in both January and February. The third sharp drop fuels fears that the US has slipped into a recession and may prompt another interest rate cut by the Fed. More »

  • Troubled US off the Rails: Poll

    Apr 4, 08 3:53 AM CDT
    Troubled US off the Rails: Poll The vast majority of Americans are pessimistic about the nation's future and believe the problem-plagued US is heading in the wrong direction. More than 80% believe that “things have seriously gotten off on the wrong track.” That's the highest dissatisfaction rate since the New York Times/CBS News poll began in the early 90s. The grim findings could spell big trouble for Republicans in November. More »

Chart shows performance of stock markets around the world; 1c x 5 1/8 inches; 46.5 mm x 130.2 mm   (Associated Press)
An investor monitors movement of stock prices at a private trading floor in Bangkok, Thailand, Thursday, Jan. 17, 2008. Asian markets plunged Wednesday on growing speculation the U.S. economy, a vital...   (Associated Press)
An employee of the Korea Stock Exchange Market walks past in front of stock price board in Seoul, South Korea, Wednesday, Dec. 12, 2007. Asian stock markets sank Wednesday on disappointment that the U.S....   (Associated Press)
As the electronic display shows a downward trend, a trader reads a newspaper during trading at the Philippine Stocks Exchange at the financial district of Makati city, east of Manila, Philippines.   (Associated Press)
prev    next
play

Threads (1 of 5)

Tags

US economy  • recession  • Asian markets  • Asian stocks


Loading...

Loading...

Related Threads: The Dow, Globalization, Hong Kong

Next story from this section »

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »