Asian stocks slide
Wednesday, 4 June 2008
HONG KONG, June 3 (AFP): Asian stocks slid Tuesday due to fears that high inflation threatened economic growth and following a Wall Street tumble triggered by renewed concerns about the global financial crisis.
Japanese shares ended 1.60 per cent lower as concerns about the health of major US banks following huge losses caused by the default crisis among riskier-or "subprime"-mortgages once again came to the fore.
US banking giants Wachovia and Washington Mutual shook up top management Monday and Standard & Poor's cut its credit ratings on Lehman Brothers, Merrill Lynch and Morgan Stanley due to the crisis.
Elsewhere, South Korea closed 1.50 per cent lower and Singapore was trading over 1.0 per cent down. Chinese and Indian shares were in the red too, while New Zealand closed down more than 2.0 per cent and Manila ended 1.50 per cent lower.
Japanese shares ended 1.60 per cent lower as concerns about the health of major US banks following huge losses caused by the default crisis among riskier-or "subprime"-mortgages once again came to the fore.
US banking giants Wachovia and Washington Mutual shook up top management Monday and Standard & Poor's cut its credit ratings on Lehman Brothers, Merrill Lynch and Morgan Stanley due to the crisis.
Elsewhere, South Korea closed 1.50 per cent lower and Singapore was trading over 1.0 per cent down. Chinese and Indian shares were in the red too, while New Zealand closed down more than 2.0 per cent and Manila ended 1.50 per cent lower.