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Foreclosures Trigger Asian Drop

Fear of brake on US consumer spending

By Peter Fearon,  Newser Staff

Posted Sep 7, 2007 4:07 AM CDT
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(Newser) – Asian stocks are falling again, reflecting worry the growing credit crisis in the US will puncture the economy and slash consumer spending. Mizuho Financial Group, Japan's second largest lender, dropped to a two-week low after an increase in home foreclosures in the US —and many other Asian financial stocks and indices dipped, reports Bloomberg.

Fueling the drop was news that banks began seizing homes securing .65%of US mortgages last quarter, an all-time high. Delinquent subprime borrowers increased from 13.8% to 14.8%. "Whenever there is any talk about subprime, it helps fuel uncertainty in the money markets," said one money manager.

A woman walks past a stock indicator in Tokyo Wednesday, Sept. 5, 2007. Japanese stocks fell Wednesday for a third straight session in light trading as concerns linger over murky future impact of U.S. subprime mortgage problems. he benchmark Nikkei 225 index dropped 262.02 points, or 1.6...
A woman walks past a stock indicator in Tokyo Wednesday, Sept. 5, 2007. Japanese stocks fell Wednesday for a third straight session in light trading as concerns linger over murky future impact of U.S....   (Associated Press)
A woman walks past a stock indicator in Tokyo Thursday, Sept. 6, 2007. The 225-issue Nikkei Stock Average continued to fall Thursday morning to close the morning trade at 16,085.53 points, down 72.92 points. (AP Photo/Koji Sasahara)
A woman walks past a stock indicator in Tokyo Thursday, Sept. 6, 2007. The 225-issue Nikkei Stock Average continued to fall Thursday morning to close the morning trade at 16,085.53 points, down 72.92...   (Associated Press)
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Credit Crisis

Record number of US foreclosures
Wall Street Journal

Feds say fallout from mortgage crisis will be limited
Wall Street Journal

Money • US • World

 
Japan • subprime mortgages • PetroChina • Nikkei • Asian markets • Samsung • Asian stocks • Mizuho Financial Group • BHP Billiton Ltd. • China Minsheng Banking Corp. • Japanese economy

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