Wednesday, April 9, 2008

Asian Stock Markets Take Downward Turn

by Rohan Parker

Asian stocks on the U.S. stock market have dropped to their lowest point in the past two weeks after the Federal Reserve have warned of a continuing recession for the U.S. economy. Those hardest hit were the largest consumer electronics manufacturer, Matsushita Electric Industrial Co.

This new decrease has sent Matsushita to their lowest point since November last year, which subsequently led Bank of New York Co.’s Asia ADR Index to a two week low. The Chinese Agria Corp. also had noticeable reductions, after decreasing their estimated earnings for the first quarter.

The ADR index dropped by 1.2%, down to 152.34, whilst the Nikkei 225 Stock Average futures which expire in June are sitting at 13,395, 13,305, 13,290, in Chicago, Singapore, and Osaka respectively.

According to documentation released from the March 18 Federal Open Market Committee meeting, there are many in the sector concerned about an ongoing depletion of the economy. The minutes also outlined the feelings from policy makers that the housing slump is yet to hit the bottom.

Matsushita lost 93 cents to go down to $20.42, whilst the worlds penultimate electronics maker, Sony Corp., have dropped by $1.91 to $40.56.

 

 

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