World markets react to Wall Street losses
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AP
Published: November 13, 2008
Asian stock markets tumbled Thursday amid more signs of a sharp downturn in the U.S. economy.
That spurred investors to dump shares of exporters like Sony and Samsung.
Investors also reacted nervously to U.S. Treasury Secretary Henry Paulson’s announcement that the government’s $700 billion financial rescue package won’t purchase troubled assets from banks as originally planned. The Treasury will instead rely on buying stakes in banks and encouraging them to resume more normal lending.
Japan’s benchmark Nikkei 225 stock average fell 5.5 percent and Hong Kong’s Hang Seng index dove 6.6 percent.
Markets in Australia, South Korea and Taiwan all fell more than 4 percent.
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