Post by unlawflcombatnt on Mar 14, 2007 2:42:49 GMT -6
3/14/07
Below is an excerpt from an article from CNN Money titled Asian stocks hit by mortgage crisis
"Asian stocks hit by mortgage crisis
Nikkei down nearly 3% as concerns about defaults in U.S. spreads around the world.
March 14 2007: 3:52 AM EDT
SINGAPORE (Reuters) -- Asian shares slumped Wednesday, tracking heavy losses on Wall Street amid fears a crisis in U.S. mortgage lending is spreading to the wider economy.
Bond yields and metals prices slid too, as investors still nursing losses from a sharp sell-off two weeks ago sent Japanese stocks down nearly 3 percent for their second-biggest one-day percentage fall of the year.
Other Asian stock markets fell between 1.5 and 3.3 percent, with shares in exporters hammered by a surging yen and worries of slowing growth in the United States, the region's biggest export market. European markets were expected to open down sharply.
"If the U.S. subprime mortgage problems get worse, it could begin to hurt U.S. consumers, and that would be very hurtful for exporters," said Kim Yung-min, a fund manager at SH Asset Management in Seoul. "This month could be very bad."
U.S. stocks fell 2 percent Tuesday, hit by growing losses at subprime lending firms - those operating at the riskier end of the home loan market - and weak U.S. retail sales....
"What lies underneath selloffs in global shares and recent weakness in the dollar/yen is concerns about the U.S. economy," said a senior trader at an European investment bank. "Things like soft U.S. retail sales data stoked investor worries....""
The full article can be found at:
money.cnn.com/2007/03/14/news/international/bc.markets.global.reut/index.htm
Below is an excerpt from an article from CNN Money titled Asian stocks hit by mortgage crisis
"Asian stocks hit by mortgage crisis
Nikkei down nearly 3% as concerns about defaults in U.S. spreads around the world.
March 14 2007: 3:52 AM EDT
SINGAPORE (Reuters) -- Asian shares slumped Wednesday, tracking heavy losses on Wall Street amid fears a crisis in U.S. mortgage lending is spreading to the wider economy.
Bond yields and metals prices slid too, as investors still nursing losses from a sharp sell-off two weeks ago sent Japanese stocks down nearly 3 percent for their second-biggest one-day percentage fall of the year.
Other Asian stock markets fell between 1.5 and 3.3 percent, with shares in exporters hammered by a surging yen and worries of slowing growth in the United States, the region's biggest export market. European markets were expected to open down sharply.
"If the U.S. subprime mortgage problems get worse, it could begin to hurt U.S. consumers, and that would be very hurtful for exporters," said Kim Yung-min, a fund manager at SH Asset Management in Seoul. "This month could be very bad."
U.S. stocks fell 2 percent Tuesday, hit by growing losses at subprime lending firms - those operating at the riskier end of the home loan market - and weak U.S. retail sales....
"What lies underneath selloffs in global shares and recent weakness in the dollar/yen is concerns about the U.S. economy," said a senior trader at an European investment bank. "Things like soft U.S. retail sales data stoked investor worries....""
The full article can be found at:
money.cnn.com/2007/03/14/news/international/bc.markets.global.reut/index.htm