Asian markets tumble as credit fears return (Fri. time)

[rodeodance]

Source: reuters



Asian markets tumble as credit fears return

7 minutes ago

HONG KONG (Reuters) - Asian stocks tumbled across the board on Friday following a rout in global markets as credit jitters flared up, after a major French bank froze three funds that invested in U.S. subprime mortgages.


Financial stocks were among the hardest hit amid the credit fears, with Australia's Macquarie Bank (MBL.AX) down 6.4 percent and South Korea's Shinhan Financial Group (055550.KS) sliding 4.6 percent.

France's biggest listed bank, BNP Paribas (BNPP.PA), froze $2.2 billion worth of funds on Thursday, citing the U.S. subprime mortgage sector woes.

The move spooked global financial markets and prompted action from major central banks to calm markets, with the European Central Bank injecting record amounts of cash to prevent a financial system seizure.

The flight to safety also knocked down prices

Read more: http://news.yahoo.com/s/nm/20070810/bs_nm/markets_asia_dc

[Delphinus]

1. Will this mean a roller coaster ride

for the Dow tomorrow?

[HereSince1628]

5. With the volatility we've seen I don't think you can get a good answer to that.

[madrchsod]

10. for those who these guys fucked over there`s no ride at all...

[Selatius]

2. It seems our housing bubble is hurting our neighbors now, too.

I didn't think it would send shockwaves across the planet.

[hatrack]

3. Well hey, it's a global economy and all of that, so this was to be expected

If Thomas Friedman's watching he'd better button up that Golden Straitjacket!!!

[skids]

12. Yeah, way to remove all the resiliency...

...friggin globalists.

[Gman]

4. We have yet to really see the shockwaves that Bush policies

are going to create. The trade deficit and the US borrowing billions of dollars daily will cause the ultimate implosion of the US economy.

[sandnsea]

6. credit cards doubled interest

Did you see that article? I didn't see that coming either. I figured it would pinch hard, but with these far-reaching reactions, it's getting downright gloomy.

[cliss]

7. Here we go -

the roller coaster ride is taking a turn -



down.


I think it's going to come crashing down. Everything is houses of cards, everywhere you look. All the banks are interconnected so that if one is in distress, they will all be affected.

I'm not sure, but this could lead to a currency meltdown. We'll see.

[partylessinOhio]

8. I wonder if many nations wished they had stood up against * when he

went to the UN and started squaking about Saddam and WMD's, beating his war drums followed by his Shock and Awe and invasion.

I wonder if any of the world leaders wished they had been more forthright and not played footsy with him, dining and toasting glasses to his pompous insanity.

Of course he damaged more than America but didn't they go along too willingly?

[madrchsod]

9. the sky is falling! the sky is falling!

oh my god,they are not going to be able to go to Tahiti and the new yacht is being delivered tomorrow! i feel so bad i`m taking up donations for those poor people who once made tens of millions by sucking the life out of the great unwashed....fuck them all, i hope they rot in hell

[Dj13Francis]

11. Tomorrow will be bad.

I don't think the panic has set in yet, but it will soon. Tomorrow will probably be down a few hundred more points, a few trillion dollars in losses... It's not just mortgage bankers that will be affected though. They keep saying this is a housing bubble, but that's very oversimplified, and really doesn't explain what happened. This is a credit crunch. We as a nation have just maxed out our credit cards. Pretty soon, the crash will take out huge sections of our economy and millions of our jobs. Then collectively we'll be a nation ready for bankruptcy, and martial law. Get ready.

[stillcool]

13. Somebody's making money...

I wonder who?

[noel adamson]

15. guess

[formercia]

16. The Elites cashing out and putting their money in gold.

The Fed is pumping useless dollars as 'loans' to pump up their buddies which dilutes everyones earnings, 'loans' to high risk entities that may never be repaid.

I'm not a fan of the Gold standard but Central Banks would be more careful if they had to give up their gold reserves if their currency tanked.

This is what happens when you base an economy on a flat currency. It's only paper or data in a computer.

[sendero]

14. There will be an economic hangover...

.... just as sure as printing 3 trillion dollars is akin to swilling a fifth of vodka.

This is not going to be over in a couple of months, it is not going to be over in a couple of years.

[Javaman]

17. The gift that keeps on giving. nt