Asian stocks fall on first trading day after U.S. credit downgrade

Kennah

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Mon Aug-08-11 12:51 AM
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Asian stocks fall on first trading day after U.S. credit downgrade

Source: CNN

Key Asian stock exchanges extended their losses on Monday in what is expected to be an eventful day in world markets, following Standard and Poor's downgrade of the U.S. credit rating last week.

In afternoon trading, Tokyo's Nikkei index fell 240 points, or 2.5%.

South Korea's KOSPI index slipped 6.2%. In Australia, the All Ordinaries index lost 2.2%. The Shanghai composite slipped 3.7% lower.

Hong Kong's Hang Seng index tumbled 4%.

Read more: http://www.cnn.com/2011/BUSINESS/08/08/global.economy/

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Divine Discontent

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Mon Aug-08-11 01:51 AM
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1. yeah. an OUNCE of gold is up $46 to a whopping $1709 right now. that's just ridiculous.

Thanks Tea Party! It is fully their fault. None of this was going on until they made it political, and the Teahadists caused a near default, and then S&P's owner is a Romney supporter, so, big shock.... not.

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dipsydoodle

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Mon Aug-08-11 03:23 AM
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2. European Central Bank move stems stock market slide

Edited on Mon Aug-08-11 03:58 AM by dipsydoodle

European stock markets have stabilised after the European Central Bank announced its intention to buy up government debt.

Spanish and Italian markets jumped in early trading, while all major European indexes gained ground. The yields on Madrid and Rome bonds also fell.

After Asian shares fell overnight, there had been fears that European markets would follow suit.

But in London and Paris, the FTSE and Cac indexes were up about 1%.

http://www.bbc.co.uk/news/business-14441453

Now that Europe has picked up maybe Asia will too.

edit - European stocks already dropping again and hour or so after opening. :shrug:

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