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Asia stocks track US down after Obama inauguration
Published in Saudi Press Agency on 21 - 01 - 2009

Asian stock markets dropped Wednesday, with Japan's benchmark losing 2 percent, as concern that
rising bank losses will cripple the world economy
overshadowed the inauguration of U.S. President Barack
Obama. European markets tracked Asia lower, AP reported.
The downward lurch followed Wall Street, where investors
returning from a holiday reacted with alarm to a rash of
negative news about Western banks like Royal Bank of
Scotland and sent key stock measures tumbling by more than
4 percent.
Sentiment across Asia and Europe was dour even as Obama
assumed power Tuesday vowing to «begin the work of
remaking America.» Hopes faded that his administration can
bring about a quick recovery in the world's largest economy
through a massive stimulus package planned later this year.
«While it was a great day to hope, and fun to watch a
part of history, investors are very much in tune to the
reality that there is not a lot this new president can do
to help Asia, or the world, let alone the United States, in
the very near term,» said Kirby Daley, senior strategist
at Newedge Group in Hong Kong.
In the latest signs of strain on Asian economies amid the
global slump, Singapore slashed its 2009 growth forecast
for a second time this month, saying the economy could
shrink as much as 5 percent. The Southeast Asian
city-state, already in recession along with Japan and Hong
Kong, is reeling from plunging demand for its exports from
industrial countries and elsewhere.
In Japan, the Nikkei 225 stock average dropped 164.15
points, or 2 percent, to 7,901.64, while Hong Kong's Hang
Seng Index shed 381.19 points, or 2.9 percent, to
12,578.58.
Benchmarks in Singapore, South Korea and India retreated
about 2 percent or more, and Australia's stock measure lost
1 percent. Shanghai's main stock gauge was off around 0.5
percent, while Taiwan's stock measure inched modestly
higher.
As trading opened in Europe, Britain's FTSE lost 0.1
percent, Germany's DAX shed 1.1 percent and France's CAC-40
was off 1.4 percent.
Overnight in New York, Wall Street pitched sharply lower
as Obama took office, with the Dow Jones industrial average
plummeting 332.13, or 4 percent, to 7,949.09, its worst
ever showing for an Inauguration Day.
Broader stock indicators also fell sharply, as the
Standard & Poor's 500 index fell 44.90, or 5.3 percent, to
805.22.
Wall Street futures suggested U.S. markets would recover
in Wednesday trade. Dow futures were up 60 points, or 0.8
percent, at 8,005 and S&P500 futures were up 5.3 points, or
0.6 percent, at 811.10.


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