Asian stock markets fell Monday after U.S. reports of worsening economy.
Wired pr news.com – Asian markets saw significant decreases on Monday after the release of reports Friday on the U.S. economy. As reported by the Associated Press (AP), news of the shocking decline of the country’s gross domestic product combined with fears that the global economic crisis will be longer than imagined, as well as the continuing trouble for banks, seemed to lead to more unrest for investors.
John Mar with the Hong Kong based Daiwa Securities SMBC Co., is quoted in the report as stating, “You’re seeing the U.S. is sinking lower and lower, and we’re still desperately searching for a bottom…It’s death by a thousand cuts, a slow death right now.”
All major Asian markets are seeing surges in selling in response to the global economy troubles including Japan’s Nikkei 225, which fell four percent and the Hang Seng in Hong Kong, which dropped 490.53 points.