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
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)
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(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.