Asia stocks off 5 percent, yen surges as crisis spirals

Source: Reuters

HONG KONG (Reuters) - Asian stocks dropped by around 5 percent on Monday, led by exporters, and the yen surged to a 2-year high against the euro as investors doubted a scattered European response to the financial crisis and a $700 billion U.S. bank bailout could prevent a deeper slump in the global economy.

The need for stability drove up U.S. and Japanese government bond prices, especially after a report on Friday showed the U.S. economy in September shed the most jobs in 5-? years.

Major European stock markets were expected to open as much as 4.7 percent lower, according to financial bookmakers, after Germany had to scramble to organize a rescue deal for lender Hypo Real Estate (HRXG.DE) after an initial deal crumbled. The euro dropped to a 13-month low against the dollar below $1.36.

JPMorgan and UBS economists have already predicted the world economy will slip into recession next year, using a common definition of annual growth in global gross domestic product at or below 2.5 percent.



Read more: http://news.yahoo.com/s/nm/20081006/bs_nm/us_markets_global;_ylt=Am68EeMCpoSq4BYMmMPf23Ks0NUE

Your link isn't working though.

:hi:
bmc

I reposted it so try it again. If not you can find it on at news.yahoo.com under the Reuters Business section.

the garbled part at the end of the link and assumed it wouldn't work.

Sorry!
:hi:
bmc