Asian Stock Markets Dive

US credit crisis has investors in Asian markets hedging their bets
Posted Mar 7, 2008 6:07 AM CST
Asian Stock Markets Dive
A pedestrian looks at an an electronic stock market board in Tokyo, Friday, March 7, 2008. Japanese stocks tumbled Friday as investors sold exporter issues after the dollar weakened further against the yen. Real estate companies and banks also lost ground. The Nikkei 225 stock average hit its lowest...   (Associated Press)

Japan’s Nikkei fell 3.3% and Australia’s S&P/ASX2000 dropped 3.2% as woeful US economic news—including rising foreclosures, worsening homeowner debt and impending credit defaults—sent Asian markets reeling, the Associated Press reports. Investors also worried that a key jobs report to be released this morning would show a rise in US unemployment, which would further hurt already depressed Asian exports.

Korea’s Stock Price Index fell 2%, the Hang Seng index was down 3.6%, China’s Shanghai Composite Index was off 1.4% and India's Sensex was off 5.2%. The dollar, meanwhile, continued to lose ground to the yen, trading at 102.45. "We are worried about the US market," said a Korean market analyst. (More stock market stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X