Market Crash

Global markets in turmoil | Inquirer News

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Global markets in turmoil

US, Europe debt woes spook many investors Philippine Daily Inquirer 1:05 am | Tuesday, August 9th, 2011

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“FEELS LIKE ARMAGGEDON” A trader gestures as he speaks on the phone at the Philippine Stock Exchange in the financial district of Manila on Monday, August 8, 2011. Stocks closed 2.4 percent lower on August 8 as analysts warned the Philippines would feel widespread effects from the unprecedented US ratings downgrade, possibly suffering conditions similar to the 2008 global financial crisis. AFP PHOTO / TED ALJIBE LONDON—World stocks racked up more losses on Monday on rising worries about a double-dip global recession, deep-rooted jitters over the first-ever US credit rating downgrade and festering concerns about Europe’s debt woes. Shrugging off reassuring comments from major central bankers and finance ministers over the weekend, investors fled from equities into assets they deemed safer—like gold which hit a record of $1,715 per ounce.

http://newsinfo.inquirer.net/38527/global-markets-in-turmoil

8/9/2011

Global markets in turmoil | Inquirer News

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Oil prices extended recent sharp losses, trading below $84 a barrel on expectations that weaker global growth will crimp demand for crude. The US dollar was lower against the yen and the euro. Stocks in the Asia-Pacific region plunged, wiping billions of dollars more off world share prices. Last week’s turbulence in financial markets chopped off an estimated $2.5 trillion from the value of global equities. Among the major Asian markets, Hong Kong’s Hang Seng tumbled 3.8 percent, while Japan’s Nikkei 225 stock average dropped 2.2 percent. South Korea’s Kospi was down 3.8 percent after briefly diving nearly 7 percent. Elsewhere in the region, Australia’s S&P/ASX 200 index fell 2.9 percent, Singapore’s benchmark...