Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

Asian Markets in Sharp Slide

By Peter Fearon,  Newser Staff

Posted Sep 18, 2007 6:02 AM CDT

(Newser) – Asian stocks fell yet again today as the subprime mortgage crisis continued to reverberate across global markets. The latest dip came when E*Trade Financial Corp and Bank of America announced the credit crisis was hurting earnings, Bloomberg reports. The biggest fear is that the rising cost of credit will halt consumer spending and trigger a global slowdown.

All the Asian benchmarks slid. Mitsubishi UFJ, Japan's largest bank, dropped 2.9% for its biggest loss in a month. Mizuho Financial Group Inc., the No. 2 lender by assets, tumbled 5%. "The market will be jittery,'' said one Tokyo-based fund manager. "There are signs US consumer spending is weakening.''

A pedestrian passes by an electric stock prices board in Tokyo. Asian stocks continue to fall amid the subprime mortgage crisis which threatens to trigger a cisumer spending slowdown (AP Photo/Katsumi Kasahara)
A pedestrian passes by an electric stock prices board in Tokyo. Asian stocks continue to fall amid the subprime mortgage crisis which threatens to trigger a cisumer spending slowdown (AP Photo/Katsumi...   (Associated Press)
A pedestrian is reflected on a digital stock indicator in downtown Tokyo. Asian stocks continue to fall amid the subprime mortgage crisis which threatens to trigger a cisumer spending slowdown(AP Photo/Katsumi Kasahara)
A pedestrian is reflected on a digital stock indicator in downtown Tokyo. Asian stocks continue to fall amid the subprime mortgage crisis which threatens to trigger a cisumer spending slowdown(AP Photo/Katsumi...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Japan Pumps Cash Into Market

Credit Fears Rock Asian Markets

Global Markets Follow Wall Street Down

Asian Markets Reeling

Automakers Lead Sharp Selloff Worldwide


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne