Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

'Maduro's regime is a criminal dictatorship'

Read more

FOCUS

Kenyan authorities step up security amid Al-Shabaab threat

Read more

ENCORE!

Rock icons Midnight Oil on politics, passion and their long-awaited comeback

Read more

IN THE PAPERS

'Sleep tight beautiful boy': Charlie Gard's parents to take him off life support

Read more

EYE ON AFRICA

South Africa's 'Guptaleaks': New website aims to reveal extent of 'state capture'

Read more

IN THE PAPERS

Building walls: French protesters block access to hotel migrant shelter

Read more

BUSINESS DAILY

Google parent company's profits hit by EU fine

Read more

MEDIAWATCH

Phelps flops in man v shark challenge

Read more

THE DEBATE

Jerusalem Crisis: Who will play the peacemaker?

Read more

Business

Asian stocks tumble amid US bank sector uncertainty

Latest update : 2009-03-02

Asian stocks tumbled as bad news of economic contraction continued to flow. Tokyo's Nikkei fell by 3.81% amid uncertainty surrounding the US bank sector and the volatility of the dollar's value. Australia's market hit a low unseen since 2003.

AFP - Japan's Nikkei stock index tumbled 3.81 percent on Monday after Wall Street indexes sank to the lowest levels in about 12 years as fears deepened about the US economy.

The Nikkei-225 dropped 288.27 points to end at 7,280.15, coming close to last week's four-month lows. The broader Topix index of all first-section shares lost 22.12 points, or 2.92 percent, to 734.59.

"The Tokyo market is being hit directly by the lower share prices overseas," said Toshihiko Matsuno, research head at SMBC Friend Securities.

The market in New York Friday reacted to news of a worse-than-expected 6.2 percent contraction in the US economy in the fourth quarter.

Worries about the state of the US banking sector also mounted after Washington said it would own up to 36 percent of Citigroup under a deal that does not call for more government funds for the ailing financial giant.
 

Date created : 2009-03-02

COMMENT(S)