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Asian markets got pummeled on Tuesday as investors dumped stocks across the region in the wake of Wall Street's worst decline in seven years. Japan's benchmark Nikkei stock market index closed down nearly 5%, Hong Kong's Hang Seng index fell 5.4%, and Seoul's KOSPI index dropped 6.1%. In Taiwan, where the main index slumped 4.9%, the government encouraged banks and state funds to buy shares to support the market...
...Europe and Japan are still a key driving force in Asia's rapid development. Any global slowdown dims the outlook for Asia. "There will be important economic implications of the financial meltdown in the U.S. on Asia," says Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong Kong. The continued financial chaos in the U.S., he says, raises fears in Asia that the American economy will experience a more protracted downturn. "There doesn't seem to be any light at the end of the tunnel," Kowalczyk says...
...Economists are divided, though, over how far Asia's policy makers will go to stimulate the region's economies in response to Wall Street's problems. Andrew Freris, senior investment strategist for Asia at BNP Paribas Private Banking in Hong Kong, says central bankers face "a conundrum." Though he says there is "psychological pressure" to cut interest rates, Freris believes that concerns about inflation and the continued strength at Asian financial institutions will keep them cautious. Policy makers "aren't going to jump because the U.S. is having domestic problems," Freris says...
...Glenn Maguire, chief Asia-Pacific economist for Société Générale in Hong Kong, expects that Asia's central bankers will move towards looser policy to support their economies and head off any possible liquidity shock from the U.S. meltdown. "It's pretty clear that the tightening cycle in Asia is over," says Maguire. Tuesday's market tumble will likely convince policy makers "to be much more accommodating on policy immediately." That may be the only good news in a dark day for investors...
...Europe and Japan are still a key driving force in Asia's rapid development. Any global slowdown dims the outlook for Asia. "There will be important economic implications of the financial meltdown in the U.S. on Asia," says Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong Kong. The continued financial chaos in the U.S., he says, raises fears in Asia that the American economy will experience a more protracted downturn. "There doesn't seem to be any light at the end of tunnel," Kowalczyk says...