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Japan:
Second India-Japan strategic dialogue on economic issues
China:
India-Brazil-South Africa to cooperate in health sector
South Korea:
South Korea Gives US Beef The All Clear
India:
Indian government approves re-structured APDRP
Pakistan:
Restoration of Indo-Pak dialogue to push trade
Singapore:
India-Brazil-South Africa to cooperate in health sector
Thailand:
Fastest Growth for Thailand Economy in Six Quarters
Taiwan:
Taiwan Enjoy Expanded Trade Surplus
Indonesia:
Central Bank Chief Of Indonesia Detained
Malaysia:
Malaysia economy grows and banking liberalises
Commodities Hit Hard In Asian Stock Decline
by Rohan ParkerThe Asian stock market took a hard hit today, after fears of a U.S. recession sent commodity prices spiraling downward. Oil, Gold, and Copper prices were hit hardest, as the market is apprehensive that if the U.S. does go into a recession, the demand for raw materials will soon reduce dramatically.
The largest mining company in the world, BHP Billiton Ltd., saw its greatest fall in the market in 20 years. China’s number one oil producer, PetroChina Co., reported earnings lower than had been expected, which led to a loss on the market. Financial companies, such as National Australia Bank Ltd., took a downward turn also, as the costs associated with ensuring Asian bonds do not default has increased rapidly.
Analysts have stated that because the U.S. is the largest contributer to global growth, their current sluggishness is bound to have a ripple effect for the broader market, especially commodities.
At the close of markets today in Hong Kong, the MSCI Asia Pacific had fallen around 2.1%, to 427.45. For every two stocks that rose today, three declined. Analysts are predicting the worst quarter in six years, as benchmarks have fallen 19% for the year so far and the U.S. is still facing huge ramifications from their subprime mortgage crisis, including a possible recession.
All across the Asia Pacific region, losses are being felt. Australia’s S&P/ASX 200 Index fell by over 3% percent, and Hong Kong’s Hang Seng Index declined by 3.5%. Markets in Japan, Indonesia, the Philippines, and Malaysia were closed for holidays. Hong Kong, and Australian markets will close tomorrow until the 25th for Easter holidays.
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