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Asian Stocks Dive

Gains of recent days wiped out as investors switch focus back to slumping economy

By Rob Quinn, Newser Staff

Posted Nov 6, 2008 3:56 AM CST

(Newser) – Dismal earnings predictions from major companies snapped a three-day gain in Asian markets, Bloomberg reports. Japan's Nikkei index skidded 6.5% after Hyundai, Panasonic, and Isuzu warned that the US slowdown would hit earnings. Hong Kong's Hang Seng dropped 6.4%, while News Corp's Australian shares took a 21% hit—its biggest since 1987—after it announced net profit will fall.

[Images (3)]

[Quotes (1)]

A man looks at an electronic stock board showing Barack Obama making a victory speech in front of a securities firm in Tokyo yesterday. (AP Photo/Shizuo Kambayashi)

A man reacts as he watches a market board in Tokyo today. (AP Photo/Koji Sasahara)

Pedestrians walk beneath a huge TV screen reporting the US presidential election campaign at a station in Tokyo. (AP Photo/Koji Sasahara)

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With the US election over, the eyes of investors are turning to the economy, with a sense that nothing quick can be done to stop the global economic slide. - Hideyuki Ishiguro, a supervisor at the investment strategy department of Okasan Securities in Tokyo.

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Asian Stocks Dive