MARKETS Asian stocks plunged yesterday in line with the plunge in the United States (U.S.) and Europe as the world was now taking on another financial crisis. Investors have lost confidence in the more depressed by the statistics of a weakening U.S. economy and a warning from the head of the European Commission that the debt crisis euro zone is likely to spread to other countries.
"It is the worst weekend of the transaction," said IG Markets analyst Ben Potter in Sydney, adding that all sectors are expected to face a shot.
Tokyo fell 3.72 percent or 359.30 points to close at 9,299.88, while Hong Kong plummeted 4.29 percent or 938.60 points to end at 20,946.14. Sydney fell four per cent or 171.1 points to 4,105.4 and Seoul fell 3.70 percent or 74.73 points to 1,943.74. Sydney loss of 8.72 percent in four days ago, while Seoul fell by approximately 10.5 per cent in the same period. Taipei recorded the largest fall when plunged 5:58 per cent or 464.14 points to close at 7,853.13. Shanghai down 2.15 per cent or 57.62 points to 2,626.42, while Mumbai shed 3.10 percent in afternoon trading. Concerns hit Asia from Europe and the U.S., which saw the Dow Jones Industrial Average (DJIA) fell worst day since December 2008 to close 4.3 percent lower at 11,383.68, delete all the profits this year. S & P 500 was down 4.8 percent to end at 1,200.07 while high-tech Nasdaq Composite declined 5.1 percent to 2,556.39. European Markets sharply in early trading yesterday. London and Paris both down 3.0 percent, Frankfurt fell nearly 4.0 percent, Milan and Madrid fell 3.5 percent fell 2.4 percent. Loss extended sell- scale Thursday that saw London, Paris and Frankfurt fell between 3.4 and four percent. "We see the decline and has now lost confidence in the economy, markets and policy makers. Now everything looks, "said Hugh Johnson Hugh Johnson of the firm, based in the U.S. Advisors. Statistics weak U.S. jobs on Thursday fueled concerns among some analysts that the world is heading into recession after the 2008 financial crisis. U.S. Department of Labor reports that weekly claims for unemployment benefits remained high 400.000 last week. The figures were followed by figures this week showed output growth in the U.S., Europe and Asia now seems to stop. analyzer City Index, Giles Watts, said there was deep concern in relation to global growth and the situation in the U.S. in particular. "Traders have become increasingly concerned in relation to a sharp slowdown in U.S. economic activity in the third quarter.