Asian stock markets drop as US shares plunge and bailout hopes wane

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Xuất bản 20/08/2015
SHOTLIST AP Television Tokyo, Japan, 18 February 2009 1. Various of electronic boards showing stocks 2. Various of Tokyo Stock Exchange 3. Various of trading at Tokyo Stock Exchange 4. Wide of Tokyo Stock Exchange AP Television Hong Kong, 18 February 2009 5. Wide of Hong Kong Stock Exchange 6. Electronic board showing stock prices 7. Mid of traders 8. SOUNDBITE: (English) Martin W. Hennecke, Associate Director, Tyche Group: "Obviously there's concern about the car makers, yesterday that there is a possibility of bankruptcy of the US major car maker. You know, it had been a long, long time in the making, they just aren't very competitive. That's the truth of the matter. They are completely, too much indebted. The US economy just doesn't look very healthy and in our view, that's still going to get a lot worse. The debt figure and the budget deficit are completely out of control there, and of course the Asian investors are also fearful of the export sector, how Asia will be affected by this." 9. Mid of traders 10. Wide pan of Hong Kong Stock Exchange STORYLINE: Most Asian stock markets dropped on Wednesday as US benchmarks plummeted toward 5� year lows and investors began losing hope that governments can rescue the world's economies from slipping deeper into recession. It marked the region's third day of declines, and followed a sell-off overnight on Wall Street that sent the major indexes to within a hair's breadth of the multiyear lows they touched in 2008 as the US credit crunch sent its first shockwaves through global finance. As President Barack Obama signed America's 787 billion (B) US dollar measure to revive the world's largest economy, investors were still faced with a rash of downbeat news about everything from struggling US carmakers to beleaguered banks and slumping business activity. However, several markets rebounded late in the session as US futures pointed to a modest recovery on Wall Street. Japan's Nikkei 225 stock average fell 111.25 points, 1.5 percent, to 7,534.26, while Hong Kong's Hang Seng recovered its early losses to gain 70.60 points, or 0.6 percent, to 13,016.00. The region's biggest decliner was mainland China, where stocks had risen sharply in recent weeks. The Shanghai Composite index plunged 4.7 percent to 2,209.86. There are widespread doubts the troubles at General Motors Corp. and Chrysler LLC will subside anytime soon. The companies, which have already received billions in government aid, asked for another 22 billion (b) US dollars overnight and forecast massive layoffs as the industry staggers. If granted, their requests would bring the total bailout to 39 billion (b) US dollars Most of Asia's losses were muted, though, compared to Wall Street, where pessimism about the government's stimulus and bank bailout programs sent stocks swooning. You can license this story through AP Archive: Find out more about AP Archive:
AP Archive Barack Obama Asia Markets 596230 4997b755997b69b66e89ab0ac19f295c
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