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Asian Stock Markets Dive

US credit crisis has investors in Asian markets hedging their bets

By Jim O'Neill, Newser User

Posted Mar 7, 2008 6:07 AM CST

(Newser) – Japan’s Nikkei fell 3.3% and Australia’s S&P/ASX2000 dropped 3.2% as woeful US economic news—including rising foreclosures, worsening homeowner debt and impending credit defaults—sent Asian markets reeling, the Associated Press reports. Investors also worried that a key jobs report to be released this morning would show a rise in US unemployment, which would further hurt already depressed Asian exports.

Korea’s Stock Price Index fell 2%, the Hang Seng index was down 3.6%, China’s Shanghai Composite Index was off 1.4% and India's Sensex was off 5.2%. The dollar, meanwhile, continued to lose ground to the yen, trading at 102.45. "We are worried about the US market," said a Korean market analyst.

A pedestrian looks at an an electronic stock market board in Tokyo, Friday, March 7, 2008. Japanese stocks tumbled Friday as investors sold exporter issues after the dollar weakened further against the... (Associated Press)

A pedestrian uses his mobile phone beside an electronic stock market board in Tokyo, Friday, March 7, 2008. Japanese stocks tumbled Friday as investors sold exporter issues after the dollar weakened further... (Associated Press)

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Asian Stock Markets Dive

US credit crisis has investors in Asian markets hedging their bets

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Markets Reeling From Japan Crisis

Dow off more than 200 after Nikkei falls 11%

This Rally May Be the Real Deal

Positive indicators, better policy, historical benchmarks; the time is right for a bottom

World Markets Tumble

Biggest drop in over 20 years, Brit bailout fails to stop FTSE dive

Wait on Rate Hikes Until Crisis Eases

Fed should ignore critics, hold its ground until markets rebound

Treasury Boss: Worst Is Over

Paulson says US emerging from storm

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Asian Stock Markets Dive

US credit crisis has investors in Asian markets hedging their bets

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OTHER STORIES ON OUR RADAR

stock market • Federal Reserve • Mortgage Bankers Association • exports • unemployment • Nikkei • credit crisis • Nikkei 225 Stock Average • S&P/ASX 200 • foreclosures

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Markets Reeling From Japan Crisis

Dow off more than 200 after Nikkei falls 11%

This Rally May Be the Real Deal

Positive indicators, better policy, historical benchmarks; the time is right for a bottom

World Markets Tumble

Biggest drop in over 20 years, Brit bailout fails to stop FTSE dive

Wait on Rate Hikes Until Crisis Eases

Fed should ignore critics, hold its ground until markets rebound

Treasury Boss: Worst Is Over

Paulson says US emerging from storm

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?