Word: kong
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...selloff on Asian markets. There was some damage after Washington failed to pass a $700 billion bailout plan for the U.S. financial system, the catalyst for Wall Street's plunge. Japan's Nikkei Index fell 4.1% on Sept. 30; after declining in early trading, stocks in China and Hong Kong eked out small gains. "The reaction was not as bad as I had feared," says Dariusz Kowalcyzk, chief investment strategist of CFC Seymour, a boutique investment bank in Hong Kong...
...Asia-Pacific Index is down nearly 30% in 2008, while China's Shanghai market is down 60% from it's January high (The Dow is down 20% this year). Asian shares already took a hit after the rescue package failed to pass over the weekend, with shares in Hong Kong and Tokyo plunging by 5.5% and 5% respectively on Sept. 29. "It's pretty terrible already," Kowalcyzk says...
...unwinding for Asia. That's because exports to the U.S. are crucial for economic growth in many Asian countries. A bailout "does not address the decimation of the wealth effect of the U.S. consumer," says Kirby Daley, senior strategist at Newedge Group, a financial services firm based in Hong Kong. Nor can a bailout replace all the liquidity that has evaporated from global financial markets, which made it cheaper for companies to borrow money to build new factories, buy new equipment or expand into new territories. "We will never return to those levels of liquidity," Daley says...
Japan's Nikkei and Hong Kong's Hang Seng indexes fell by 5% or more in overnight trading before ending Tuesday down 4.1% and .85 respectively; exchanges in London, Paris and Frankfurt all opened slumping before winding up 1.7%, .4%, and 2% ahead. Compare that with Monday's 7% drop the Dow Jones and 9.1% slide on the Nasdaq...
...Although they are not currently suspected by authorities of using melamine, farmers may have played an indirect role in the crisis, says Joseph Cheng, who runs the Contemporary China Research Project at City University of Hong Kong. That's because farmers were squeezed between the rising cost of cattle feed and government-imposed caps on the price of milk. "The feed price rises, the milk price is low and they lose money," Cheng says. "What do you do? You feed the cattle with low-quality feed. Then the quality of the milk is very bad and the protein content...