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Recession specter haunts markets

(China Daily)
Updated: 2008-10-28 07:02

The flight of shell-shocked investors from emerging markets and massive unwinding of investments in higher-yielding but riskier assets, has propelled the yen - a funding currency of choice for such deals - to multi-year highs.

The Group of Seven warned yesterday that the rising yen posed a threat to financial and economic stability, the latest coordinated effort by the world's richest nations to curb the worst financial crisis in 80 years.

A brief G7 statement said the yen's rapid 12 percent ascent against the dollar threatens Japanese exports as the world's second-largest economy lurches toward recession.

"We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability," the group said.

Elsewhere in Asia, stocks in Taipei, Australia, the Philippines, Indonesia, Thailand and India closed sharply down.

South Korea's KOSPI was the only Asian bright spot, closing up nearly 1 percent. The index rallied after the country's central bank slashed its key interest rate yesterday by three-quarters of a percentage point - its largest cut ever - in an effort to fend off the global financial turmoil.

Markets in Singapore and Malaysia were closed for holidays.

Selling spread to Europe when markets opened there. But European stock markets recovered much of their early losses, helped by investors looking for bargains after sharp drops in Asia overnight

Britain's FTSE 100 index was 0.2 percent lower at 3875 after having been down 4.9 percent in the morning. Germany's DAX, which was likewise down almost 5 percent earlier, recovered to trade only 0.5 percent lower at 4276.

The CAC 40 in France fared worse, falling 2.1 percent at 3126 after being almost 7 percent lower.

With the US Federal Reserve almost certain to slash interest rates later in the week, British Prime Minister Gordon Brown hinted that central bank action may be more widespread.

"Now inflation is actually coming down over the next few months and that will mean that it gives scope to all the monetary authorities, including the Bank of England, round the world to make a decision about interest rates," he told the BBC.

The Dow Jones industrial average was down just 7.65 points, or 0.1 percent lower, at 8371.30 in early trading. They were almost 1 percent lower on the open.

Agencies - China Daily

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