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CEP News Sample Market Report 2

CEP News Sample Market Report 2

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Published by: Gaurav Sharma on Sep 02, 2011
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European, Asian Markets Spooked by Fears About U.S. Economy
European, Asian Markets Spooked by Fears About U.S. Economy
(01/21/08 13:45) (CEP News) London
European and Asian stock indexes endured some of their biggest daily losses in recent times, as growing fears of a recession in the U.S. hitinvestor confidence on Monday.
 While the manifestation of the extent of bearish trends elsewhere could not be gauged in the U.S.itself, as markets there were closed for Martin Luther King Jr. Day, Asian stock indexes plummetedacross the continental board.Tokyo's Nikkei closed down 3.85% or 535.3 points at 13325.94 with Japanese investors takinglittle comfort in U.S. President George W. Bush's comments about emergency measures to prop-upthe economy on Friday. Hong Kong's Hang Seng endured its worst daily fall since the 9/11 terroristattacks, closing down 5.49% or 1383.01 points at 23818.86.In Seoul, the KOSPI plummeted below the psychological 1700 mark, shedding 2.95% of its valueor 51.16 points, ending the day at 1,683.56. At the same time, the country's tech-heavy Kosdaqmarket closed down 14.45, or 2.17% at 651.87.Park Hyong-ki, reporter for the Korea Times said, "Korean analysts believe that a loss on WallStreet of Friday froze general sentiment on the main bourse with global investors driven byconcerns over a possible ratings cut of MBIA and Ambac Financial Group, two biggest bond insurersin the U.S."Elsewhere, Singapore's Straits Times index closed down 6.03% or 187.10 points at 2917.15 andChina's CSI 300 Index closed down 4.96% or 268.73 points at 5145.73. In Australia, the S&P/ASX200 Index closed down 2.9% or 166.90 at 5580.40, while the All Ordinaries Index closed down2.91% or 168.50 at 5,630.90.Richard Koo, Chief Economist at Nomura Securities, felt that the U.S. recession speculation haddirectly affected stock markets in all nations. "In Japan, where many stocks are sensitive to cyclicalfluctuations and the government has neglected to do anything about the slump in domesticdemand, US recession worries joined with concerns about a rising yen to prompt a major sell-off of equities," Koo said.The market malaise spread to the Indian subcontinent as well. While Pakistan's Karachi KSE-100ended the day down a mere 0.18% or 24.51 points at 13850.03, Indian stocks took a major hit.The country's benchmark Bombay BSE Sensex closed down a massive 7.41% or 1408.35 points at17605.35.In terms of market capitalization, investors lost over $170 billion in a single day on the Indianmarket and close to $300 billion in the past six trading sessions in India when the currentdowntrend began according to New Delhi Television (NDTV).K Ramachandran of BNP Paribas felt that it could take a few sessions for the market to settle down.
However, markets look good on a fundamental basis. There is no reason why the retail investorsshould not get in. The Indian markets on the whole will deliver good returns in the times to come,
 he told NDTV.Nicole Elliott, Senior Analyst at Mizuho said,
Since January, the (BSE) Sensex has plummeted
http://www.economicnews.ca/cepnews/backend/newswire/details.php?newsid=43609 (1 of 2) [30/05/2008 17:16:40]

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