Word: monday
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...specter of global recession helped spark Monday's plunge in Asian stocks as Hong Kong's main index fell 5%, Japan's 4.3% and Indonesia's 10%. Markets ended mixed on Tuesday: Japan's Nikkei index dropped 3% while Korea's Kospi and Singapore's Straits Times index both rose slightly. But few were heartened by the feeble bounces...
...most part, Asian banks have remained unscathed and economies relatively robust compared with other parts of the world. But tumbling Asian stock markets, marked on Monday by near-panic selling, is signaling just how little confidence there is among bankers and investors that the $700 billion bailout of U.S. banks will end the financial crisis...
...operations, continue to tighten in Asia as banks become more nervous about lending. In Hong Kong, the one-month interbank lending rate has doubled in the past month to 4%. Central banks are trying to pump liquidity into financial markets to avert a credit crunch. India on Monday cut the amount of cash that banks must deposit with the central bank in an attempt to loosen credit. "Credit markets are quite global," says Kirby Daley, senior strategist at financial services firm Newedge Group in Hong Kong. "It is inescapable, if the credit crisis continues to worsen, that Asia must...
...stock market that has been crushed over the past year, for reasons only partly related to the global equity slump. Regulators in China hope the measure will increase liquidity and trading volume in China's markets after a decline of more than 60% so far this year. (After Monday's global rout in stocks, the Shanghai exchange ended up a tick in Tuesday's trading...
...shore up confidence in financial institutions. By the day's close, Britain's troubled HBOS was down 41.5%, and the Royal Bank of Scotland's shares had lost 39% of their value; Germany's Commerzbank fell 14%, and Deutsche Bank was down 8.9%. The pummeling followed a black Monday in which stock exchanges across Europe dropped as much as 9%, suggesting that the markets were casting a doleful eye on the $700 billion U.S. bailout package passed by Congress on Friday...