Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 6, 2008 2:28:27 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

'Blood Hits Streets' as Asian Markets Plunge

Posted Aug 16, 07 4:42 AM CDT in World,  Business 

(Newser) – Asian stock markets continued to slide today, pounded by fears of a global credit squeeze, recording their most precipitous drop in five years, Reuters reports. South Korea's Kospi index skidded 6.9 percent as major corporations and financial institutions took horrific beatings. Australia's Rams Home Loans Group revealed it can't refinance $5 billion of debt, and Toyota, Samsung and the Japanese Bank Mizuho suffered major falls.

"Blood is hitting the streets. Everyone seems to be panicking, and there's reason to panic,'' a  fund manager told Bloomberg. "There's been so much blow up, we don't know when it's going to end.'' European shares were already down to a  five-month low this morning. More than $3.6 trillion has been wiped off global stock markets since July 23.

Source Reuters

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Japan Pumps Cash Into Market

    Aug 13, 07 12:16 AM CDT
    Japan Pumps Cash Into Market The Bank of Japan pumped $5.1 billion into the Japanese financial system today as the  global credit crunch continued to ripple through the Asian markets, Bloomberg reports. Adding to the jitters, Japan's growth is slowing more markedly than economists predicted; the world's second-largest economy expanded by only 0.5% in the last quarter, compared to 3.2% the previous quarter. More »

(AP Photo/Michael Probst)   (Associated Press)
Passers-by walk past a stock indicator in Tokyo. (AP Photo/Katsumi Kasahara)   (Associated Press)
Japanese businessmen walk past the electronic board of a securities firm displaying falls of share prices in Tokyo Thursday, Aug. 16, 2007. The benchmark Nikkei 225 index lost 428.15 points, or 2.60 percent,...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Asian Slump

Threads (
1
 of 1)

Tags

stock market  • Toyota  • Asian markets  • Asia  • Samsung  • global credit  • Kospi index


Loading...

Today's Most Popular

Loading...

Other Home Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »