Asian Markets Reeling

Stocks dive amid hectic trading
By Rob Quinn,  Newser Staff
Posted May 7, 2010 2:02 AM CDT
A man stands outside a securities firm in Tokyo today.   (AP Photo/Junji Kurokawa)

(Newser) – Asian markets plunged across the board this morning as worries about the Greek debt crisis and yesterday's stunning Wall Street plunge sparked a huge sell-off. Traders are still baffled by yesterday's events, and market conditions are "hectic and confused," said one securities trader in Tokyo, where the Nikkei Index has suffered its biggest drop in over a year.

Analysts say a long period of uncertainty and declining prices probably lies ahead for Asian markets, notes CNN. "The drops will not likely be as violent as post-Lehman, but risk aversion is setting in for the long term, as markets over-celebrated unsustainable stimulus," said a market strategist at a Hong Kong securities firm. "We may see some relief rallies, but the overall trend should now be firmly down for stocks."

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