Tuesday, September 16, 2008

Asian markets tumble on Wall St. news

Asian markets fell sharply led by losses in Japan, South Korea and Hong Kong after news of the collapse of Lehman Brothers and the takeover of Merrill Lynch & Co. on Wall Street.

The bad news was compounded by reports that American Insurance Group, Inc. (AIG) is also in trouble after its credit rating was downgraded.

On a positive note, oil prices have dipped sharply as speculators surmise demand will slow along with economic growth.

Turmoil hits Asia; Hong Kong, Seoul deep in the red
MarketWatch - 1 hour ago

By Chris Oliver, MarketWatch HONG KONG (MarketWatch) -- Markets across Asia were blasted by a wave of selling Tuesday, with creditors of Lehman Brothers among the leading decliners, followed by consumer exporters, as investors reassessed the outlook ...

Stunned Lehman Employees Pack Bags Across Asia; Investors Fume CNNMoney.com
Wall Street's Upheaval Unnerves Asian Markets Forbes

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