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Saturday 11th of October 2008
October 10, 2008

Dow Jones plummets, Asian stocks follow suit


by Kay Murchie
”Dow

Yesterday, the continued uncertainty in the markets resulted in the Dow Jones index falling 678.9 points to 8579.2, its biggest percentage drop since October 1987.

Today, stock markets in Asia followed suit after Tokyo’s Nikkei-225 index shed 9.6% and saw its biggest fall in a single session since Black Monday in October 1987. At the end of trading on Friday, Tokyo shares had plummeted 24% during the week.

Meanwhile, the financial crisis has claimed its first Japanese victim after insurance company Yamato Life has collapsed with $2.7 billion in debt.

Australian shares closed down 8.3%, while Hong Kong’s benchmark Hang Seng index plunged to a three-year low. Shanghai’s index was down 3.8%.

According to Yutaka Miura, senior strategist at Shinko Securities in Tokyo, investors are panicking and selling is unstoppable in New York and Tokyo.

Despite co-ordinated Government actions, investors are fearing the worst after the International Monetary Fund warned that the world economy is teetering on the brink of recession.

In the meantime, the G7 meeting takes place this weekend which will see finance ministers and economic experts come together from around the globe.

In addition to the G7 meeting, talks will be held at the International Monetary Fund (IMF) in Washington.

Speaking ahead of meetings of the IMF and World Bank, IMF’s chief, Mr Dominique Strauss-Khan, is calling on countries to act ‘quickly, forcefully, and co-operatively‘ to solve the global economic problems.

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