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Asian stocks dip to 23-month low due to financial worries
Asian shares fell broadly on Thursday, with shares outside Japan at the lowest since October 2006, hit by persistent instability in the financial sector, while the US dollar struck a one-year high against the euro.
Heightened volatility and the potential for sharp economic weakness outside the United States convinced US investors to cut their holdings of riskier assets such as emerging market stocks and commodities and for now keep their money at home.
European stock index futures fell, with Eurostoxx 50 Germany’s DAX and France’s CAC 40 all down about 0.3 percent as investors worried about the fate of some troubled financial institutions.
Bank stocks including Mitsubishi UFJ Financial Group fell 5 percent after Lehman Brothers posted a record quarterly loss of $ 3.9 billion. The dismal results from Lehman, which is trying to shed assets to stay alive, sent a message to investors that the year-long global credit crisis will likely claim more victims before ending.
Tokyo’s Nikkei share average closed 2 percent lower at a six-month low and the MSCI Asia Pacific ex-Japan index dropped 2.8 percent to its lowest since October 2006.
Hong Kong’s Hang Seng index declined 2.7 percent to a one-year low.
The regional weakness put the MSCI all-country world index on course for the ninth down day of the last 10. The index hit a two-year low on Wednesday.
Indications of increased volatility in stock and bond markets as well as economic deterioration in just about every part of the world has led investors to cut back on overseas risk in their portfolios, supporting the dollar.
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Army Spokesman Maj Gen Athar Abbas confirmed the orders in a brief interview with Geo News on late Thursday night.
The
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The Foreign Secretary was apparently given a furious dressing down by Sergei Lavrov over the telephone.
Mr Miliband’s criticism of Russia’s recent incursion into Georgia is believed
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Judge Chris Nicholson’s ruling
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Lawmakers from the six-party coalition did not attend an emergency session of parliament called to choose a prime minister, three days after a court stripped Samak of power for accepting payments for hosting
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