Asian Markets Plunge on Lehman, Merrill Woes

[Hissyspit]

Source: Associated Press

Asian markets plunge on Lehman, Merrill woes

By TOMOKO A. HOSAKA, Associated Press Writer
5 minutes ago
TOKYO - Asian stock markets tumbled Tuesday as the collapse of Lehman Brothers and takeover of Merrill Lynch spurred fears of a global financial crisis. European markets, which fell sharply Monday, extended losses in early trading.

Japan's benchmark Nikkei 225 index sank nearly 5 percent to 11,609.72 — its lowest close since July 2005. Hong Kong's blue-chip Hang Seng Index shed 5.4 percent. Both markets — Asia's two biggest — had been closed for holidays on Monday, when news first broke about the turmoil on Wall Street that has dramatically changed its landscape.

Across Asia, markets were all deep in the red. South Korea's main index declined 6.1 percent, while Taiwan's benchmark was off 4.9 percent and China's Shanghai index sank 4.6 percent.

To ensure liquidity, Japan's central bank on Tuesday injected of 2.5 trillion yen, or $24 billion, into money markets and issued a statement vowing to take measures to maintain stability in the country's financial markets. Cabinet ministers, along with the central bank chief, were also holding an emergency meeting.

Read more: http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/world_markets

[greenvpi]

1. Who cares?

The rich are losing money in their gambling schemes. It doesn't affect us normal, honest people.

[jus_the_facts]

2. What about hard workin' people who're duped by 401k's....

...they could lose money they *thought* they'd have for their retirements....this could very well turn into a world wide depression too...seems it's on the same track as 1929 but will be much much worse because nobody knows how to live without these daze. :think:

[sentelle]

3. and lets not forget

The closing banks, the shortage of credit, and the weakening house values. Even for those without a mortgage, its troubling.

[shrike]

4. So much for my China mutual funds