Asian shares down after more bad news on Wall Street

Breitbart.com ^ | Mar 1, 2009 | n/a

[Jet Jaguar]

Asian stocks tumbled early Monday on the back of Wall Street's losing streak as gloom deepened over the global economy and the health of major banks. Tokyo was down 3.2 percent by lunch and Sydney lost 3.0 percent by midday. Hong Kong opened 2.3 percent lower and Chinese shares were down 1.0 percent.

Asian shares started the week on the downbeat note amid worries about the health of large US banks and broader fears over the global economy.

In New York last week, the Dow Jones slid 4.1 percent to end Friday at its lowest level since 1997, while the broad-market Standard & Poor's 500 sank to its worst close since December 1996, losing 4.5 percent.

The coming week could bring more bad news, with February US auto sales expected to be weak and a payrolls survey expected to show further massive job losses.

"There's just no good news," Macquarie Private Wealth associate director David Halliday told Dow Jones Newswires. "The US economy is in the worst shape it's been for probably 50 or 60 years, so it's hard for equities to rally."

[muawiyah]

This is a majority vote of NO CONFIDENCE in the Obama plans to spend and tax.

[dighton]

Tokyo was down 3.2 percent by lunch ...

The lunch break didn’t improve their mood.

[mamelukesabre]

http://finance.yahoo.com/q/bc?s=^N225&t=5d&l=off&z=m&q=l&c=

Down over 4 percent now.

[allmost]

How low can you go?

[freespirited]

We will not hold Dow 7000 tomorrow.

[an amused spectator]

The One and his Magic Unicorn will save us all!

[an amused spectator]

Seriously, though - all I want to know is what Denninger has got to say about it...

[allmost]

We are being saved alright. Japan can’t handle this. They physically can’t.

[GOPJ]

But, but, but I thought the economy was only based on "confidence" - isn't that what dems have been pushing the last few weeks?

[an amused spectator]

Oops!

Karl Denninger (3/1/2009): "Welcome to the Greater Depression."

[yawningotter]

What the dems say over the weekend will cause more selloffs Monday around the world.

[hinckley buzzard]

Korea down 4-5% as well, and HSBC has suspended trading on the HangSeng. I'd agree that 7000 looks vulnerable. My bet has been no bottom before 6000.

Below that and I expect the Obamanoids will begin to cook the data, jimmy the electronic trading systems, and we will no longer have a true market. Dictators always sacrifice truth sooner or later and Obama is in no mood to wait.

It is just a matter of time before we get a Soviet-style Potemkin economy where numbers no longer bear any resemblance to reality. And time is flying.

[Don Corleone]

Can anyone even imagine the trillions of dollars of losses that have occured world wide since the Dumbocrats took power in this country?

[muawiyah]

Weekends up in the US. Asia has had its markets open for several hours. They've been dropping like rocks!

2 billion Chinamen can't be wrong.

[TomasUSMC]

The strong giant bull market that Republican built in 12 years of rising DOW, the democrats have destroyed in 2 years.

[Petronski]

We will not hold Dow 7000 tomorrow.

The Dow could open below 7000 tomorrow.

[Right Brother]

We will not hold Dow 7000 tomorrow.

YEP

[sanchmo]

My bet is that the Dow won’t be able to sustain anything above 7000 for about a decade.

[Petronski]

Denninger 3/1: More Lawlessness: AIG