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Asian Markets Tumble Again on Recession Fears

By the Associated Press

Posted Oct 22, 2008 10:46 PM CDT

(AP) – Asian stocks tumbled for a second day Thursday as a barrage of downbeat company forecasts deepened fears of a global recession. Every major regional benchmark was in the red. Japan's Nikkei lost 5.5% to 8,195.74, on top of a 6.8% drop yesterday. Hong Kong's Hang Seng Index was down 662.89, or 4.65 percent, at 13,603.71. The Hang Seng hadn't closed under 14,000 since 2005.

Asia's downward lurch followed the lead of Wall Street, which shed 514 points Wednesday. In South Korea, the Kospi plummeted 8.6 percent to 1,036, along with another steep slide in the country's currency, the won. Australia's key index pulled back almost 4 percent as slumping world commodity prices sent resource companies such as BHP Billiton and Rio Tinto Group sharply lower.

Pedestrian are reflected on an electric market board in Tokyo, Thursday, Oct. 23, 2008. (AP Photo/Katsumi Kasahara)

A man walks past an electronic stock board in Tokyo, Japan, Wednesday, Oct. 22, 2008. (AP Photo/Itsuo Inouye)

A businessman walks past an electronic stock board in Tokyo, Japan, Wednesday, Oct. 22, 2008. (AP Photo/Itsuo Inouye)

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More Newser Stories

Stocks Sputter, Gold Soars

Markets still buffeted by uncertainty, looking for good news

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Investors 'rattled by fear,' says analyst

Jittery Markets Stumble Again After US Downgrade

From New Zealand to Singapore, markets down across Asia

Global Markets Follow Wall Street Down

Sell-off fever spreads to Asia, Europe

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Country's 'economic future' unchanged, says investing guru

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OTHER STORIES ON OUR RADAR

Hang Seng • Asian markets • Nikkei 225 Stock Average

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Stocks Sputter, Gold Soars

Markets still buffeted by uncertainty, looking for good news

World Markets Sinking

Investors 'rattled by fear,' says analyst

Jittery Markets Stumble Again After US Downgrade

From New Zealand to Singapore, markets down across Asia

Global Markets Follow Wall Street Down

Sell-off fever spreads to Asia, Europe

Buffett: Japan Presents 'Buying Opportunity'

Country's 'economic future' unchanged, says investing guru

About Us

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Newser By Users

Community

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More News

What is Newser?