Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Hollande depicted as Hitler

Read more

EYE ON AFRICA

Boko Haram crisis: Militants forced from north eastern Nigerian town

Read more

REPORTERS

Syria: Wresting control of Kobani from IS group

Read more

FRANCE IN FOCUS

A who's who of the 'Bettencourt trial'

Read more

FOCUS

Golan Heights on edge...

Read more

THE BUSINESS INTERVIEW

Eugene Kaspersky: Cyber attacks on critical infrastructure 'just a question of time'

Read more

#THE 51%

Equality in the workplace: Bridging the gender pay gap

Read more

ENCORE!

The culture stars trying to save the world

Read more

#TECH 24

Technology helping visually impaired people

Read more

Japan stocks fall sharply as trading opens

Text by AFP

Latest update : 2008-11-06

Japan's Nikkei fell more than 5 percent in early trading following a similar slide Wednesday on Wall Street as investors grapple with grim economic expectations for markets across the globe.

Japanese stocks tumbled more than five percent in early trade Thursday after Wall Street suffered a heavy sell-off overnight on renewed worries about the outlook for the global economy.
   
The drop wiped out the gains seen a day earlier as hopes grew that US president-elect Barack Obama will get to work on fixing the world's largest economy in the face of the worst financial crisis in decades.
   
The benchmark Nikkei-225 index was down 486.46 points or 5.11 percent at 9,034.78 by mid-morning, off a low of 8,979.02.
   
The sharp fall came after the Dow Jones index slid 5.05 percent on Wall Street on Wednesday as investors braced for a gloomy economic ride after the euphoria of Obama's election victory.
   
"Now that the event is over, investors are sobering up and looking at the economic gloom," said Mizuho Investors Securities broker Masatoshi Sato.
   
"The market is now watching what concrete economic measures his team will roll out. The question is how long will it take to see concrete measures? If it takes a long time, funds may move to sell," he warned.
   
The Nikkei rose 4.46 percent on Wednesday, mirroring strong gains across Asia on hopes that Obama will take new steps to end the financial crisis, and following Wall Street's strongest Election Day rally yet on Tuesday.
   
Investors were anticipating further cuts to interest rates on Thursday by both the Bank of England and the European Central Bank to give the economy another boost.

Date created : 2008-11-06

COMMENT(S)