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Asian Markets Mauled

Markets across Asia plummet to multi-year lows amid intractable recession fears

By Rob Quinn, Newser Staff

Posted Oct 24, 2008 2:11 AM CDT

(Newser) – Asian markets took a hammering today for the third day in a row as investors looked ahead and saw nothing but gloom, Marketwatch reports. The Nikkei index nosedived 9.6% to a five-year low. Indexes in Hong Kong, South Korea, China, Taiwan, and Australia all sank to multi-year lows. Analysts fear the basement still isn't in sight.

"I don't think the turmoil will be finished any time soon," one Japanese strategist said. "I think it will continue this quarter and the next. It's very difficult to see the bottom in the near-term." Many investors are now convinced that the US and Europe are already in recession and expect Asia's export-driven economies to suffer badly.

[Images (4)]

[Quotes (1)]

A pedestrian passes by an electric market board in Tokyo today. The benchmark Nikkei 225 stock average dropped 413.99 points to 8,046.99 at the end of the morning session. (AP Photo/Katsumi Kasahara)

A man reacts as he watches a display showing stock prices at a brokerage firm in Hong Kong yesterday. (AP Photo/Vincent Yu)

Fear that a recession in US and Europe will inflict serious damage on Asia's export-driven economies is driving the region's markets sharply downward. (AP Photo/Ted S. Warren)

A man reacts as he watches a display showing stock prices at a local bank in Hong Kong Friday, Oct. 24, 2008. (AP Photo/Vincent Yu)

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There is a complete loss of confidence and it was brought on by the decline in Japan. We are going back to the stone ages. - Francis Lun, general manager at Fulbright Securities in Hong Kong

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Asian Markets Mauled