Recession fears hit stock markets

Concerns are increasing over the scale of the slowdown.

European and Asian markets have fallen sharply on fears that the world economy will enter a protracted slump.

The slide comes after the Dow Jones share index in New York fell to its lowest level in five years.

London's FTSE 100 index fell 1.6%%, with mining shares hardest hit. French and German markets also lost ground.

In Asia, Japan's Nikkei index ended 6.8% lower and Hong Kong's main index fell more than 4%.

The FTSE 100 was down 63.13 points at 3,942.5 points after falling almost 5% on Wednesday. Germany's Dax index lost 3.4%, while France's Cac 40 shed 2.8%.

People are looking for any kind of positive and there are just no positives out there Miles Remington, BNP Paribas Securities

Mining shares were among the biggest losers on fears that demand for steel and other raw materials will be hit as the economy slows.

Steel giant Arcelor-Mittal lost 6% and Vedanta Resources lost almost 10%.

Likewise, oil prices fell for a fifth straight day to approach $50 a barrel.

Data showing Japan's exports to Asia dropped in October for the first time since 2002 added to fears over the scale of the economic downturn.

On Wednesday, the Dow Jones index fell 5% to below 8000 after the US central bank slashed its economic growth forecasts for 2009.

Depressed outlook

The BBC's Duncan Bartlett in Tokyo says several East Asian countries - including Japan, Singapore and Hong Kong - are already in recession and the thought that the US may be about to join them has been enough to send shares tumbling across the region.

Bad news from the US has worried Japanese firms like Toyota and Nintendo which usually depend on American consumers for much of their profit, our correspondent adds.

"We've gone past the poor sentiment stage," Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong, told the Associated Press news agency.

"People are looking for any kind of positive and there are just no positives out there. Everyone seems to be united in the depressed global outlook. Whether it's commodities or equities, everything seems to be on a downturn."

US slowdown

On Wednesday, the US Federal Reserve said the country's gross domestic product - the value of all goods and services - could be flat or grow only marginally this year, and might shrink in 2009.

It said positive economic growth was only likely to return in 2010 and predicted further interest rate cuts might be necessary.

Month-on-month US consumer prices fell by 1% in October - the biggest drop in 60 years - which has reinforced fears of rapid slowdown.

From : BBC

G20'S states Looks For Way Outs of Crisises

WASHINGTON - Group of 20 countries, or G-20 Coordination requires an intensive search for a way out together from a financial crisis occurs.

This was disclosed as Brazilian Finance Minister Guido Mantega in Washington, Sunday (12/10/2008), as quoted from Bloomberg.

"Countries in the G-20 need to be more intelligent, and changed quickly so it can exit from the crisis," he said.

The statement issued after the countries G-7 promised to reduce the crisis and save the banks from the main bankruptcy.

In addition, the countries members of the G-20 will use all capabilities to ensure the economic and financial markets to remain stable and smooth. These countries will meet again on 8-9 November 2008 in Sao Paulo.

The countries members of the G-20 is among Argentina, Brazil, Bolivia, Chile, China, Cuba, Egypt, Guatemala, India, Indonesia, Mexico, Nigeria, Pakistan, Paraguay, Philippines, South Africa, Tanzania, Thailand, Uruguay, Venezuela, and Zimbabwe.

Market share in Indonesia, Russia, and Ukraine have experienced the suspension of trade week yesterday due to the crisis caused by U.S. sub-prime mortgage defaults due to banks and companies in the world.

Policymakers from Reykjavik to Sao Paulo is trying to overcome the threat of bankruptcy stock market.

"Now we face a global crisis, and it must be faced by all countries," said Mantega

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Stocks surge after China stimulus

Japan saw one of Monday's biggest early bounces

Asian markets have risen sharply, a day after China announced a huge investment plan to kick-start its slowing economy.

Stocks leapt in Japan, China and Hong Kong, buoyed by China's efforts to sustain its growth rates, on which many Asian economies depend.

About $586bn (£370bn) is to go into housing, infrastructure and post-earthquake reconstruction in China over the next two years.

Correspondents say the package is a response to falling growth and exports.

There will also be significant cuts in company tax, while banks will be allowed to lend more to projects involving rural development and technical innovation.

The government also promised a shift to a "moderately easy" monetary policy.

"The investment expansion should be done swiftly and forcefully," a State Council meeting chaired by Premier Wen Jiabao concluded.

Market bounce

Chinese stocks rose sharply, with the Shanghai Composite Index rising 5% initially and turnover there almost doubling.

Chinese exports have been a key driver of the economy

Companies likely to benefit most from the government's investment plans did best, including banking, steel and construction firms.

Japan's Nikkei stock index jumped 5.49% by the lunch break on Monday as investors welcomed a Wall Street rally, a weaker yen and China's economic package.

In Hong Kong, the benchmark index was up 5.6% by late morning.

Factory closures across the border in southern China have badly depressed China's manufacturing sector.

In Seoul, the market held steady despite growing worries about the car market in the US and its likely impact on South Korean manufacturing exports.

Commodity cuts?

Analysts said the stimulus package would not save China from the effects of the global financial slowdown, but could help to protect it.

It's a huge package... I think it is good news for correcting imbalances Dominique Strauss-Kahn

China, and Asian economies who increasingly depend on it as an export market, had become used to double digit growth figures.

In the third quarter of this year, growth slipped to 9% its lowest level in five years.

Analysts said that though this might be considered healthy elsewhere, the fall is taken as a worrying sign in China where the government has relied on rapid growth to maintain political stability.

The Chinese government has cut interest rates twice in recent weeks, and began considering ways to avert a more dramatic economic slowdown in October.

These included measures to stimulate the property market, prompt construction of low-cost housing, and increasing export rebates on thousands of products.

State media reported that the government was therefore ready to "map out more forceful measures to expand domestic demand", including "massive" infrastructure spending.

"It's a huge package," Dominique Strauss-Kahn, managing director of the International Monetary Fund, was quoted as saying by Reuters after a meeting of the Group of 20 finance officials in Sao Paulo, Brazil.

"It will have an influence not only on the world economy in supporting demand but also a lot of influence on the Chinese economy itself, and I think it is good news for correcting imbalances."

President Hu Jintao is to travel to Washington later this week for a global economic summit meeting.

China has been under pressure to help support the global economy.

From:BBC