Japan's Nikkei Falls Nearly 11%

Japan's Nikkei Falls Nearly 11%

online.wsj.com..." target="_blank" class="postlink">wsj.com

Asian stock markets were plunging Friday with investors going into panic-selling mode after Wall Street sank on concerns about the health of the U.S. financial sector and the broader economy.

Several bourses have briefly halted futures or program trading as the declines pick up speed, to try and contain the fear spreading through markets.

Markets in Japan are leading the way with the Nikkei 225 dropping 10.8%, under the key 9000 mark and futures sliding 14%; Australia has fallen 7.2%, Korea 8.9% and New Zealand 3%.

(visit the link for the full news article)


Related News Links:
www.nni.nikkei.co.jp


[edit on 10/9/2008 by anachryon]

After a distressing day on Wall Street today with the Dow losing 7.33%, the Asian markets are now opening for the October 10th trading day.

Japan's Nikkei market, the first to open, suffered a drastic and immediate drop of 10%. Trading may have been suspended - the news is still coming in. The last update I can find is from 8:32pm EST indicating the Nikkei fell 10% to 8242; the chart has not updated since.


ap.google.com
(visit the link for the full news article)


[edit on 10/9/2008 by anachryon]

What should be noted is the reason they're giving for the slide: that the economic crisis has spread to the rest of the US economy.

Through all of this, from September 15 onward, those words have not been spoken. That's the other shoe that everyone's been waiting for. Looks like it may have dropped.

Should be an interesting day.

I'm trying desperately to find more information here, but the news coming out of Japan is scarce. The last update I can find remains at just over a 10% drop. Signs point to trading having been halted.

Bad, bad news guys.

I was going to post on this as I have been waiting all evening to see what the Asian markets were going to do (but you beat me to it )

Well is today the day the market totally melts down? I mean the NIKKEI just dropped like a rock (literally almost straight down)

at 8:36 ET it was 8163 down 994 and 10.84%

Banks are closed this Monday 10/13 for Columbus day. And the G7 meets this weekend.

Is this going to be Black Friday?


edit: 11%+ down as of 8:41pm ET

[edit on 9-10-2008 by 2 cents]

[edit on 9-10-2008 by 2 cents]

It's down about 11% now. A good site to watch is:

www.kitco.com...

Live updates

reply to post by anachryon


anachryon,
It's updating here:
finance.yahoo.com...
At time of this posting, at 10.66% -- up from 10.83 moments ago.

Scary indeed. I always knew this was coming, from years back.


Oh CRAP, over 11% now

[edit on 10/9/2008 by justme2]

9:54PM EST:

8,261.85
-895.64
-10.8%

Wow this could be bad or I guess it already is.

I hope for their sake and ours it does not keep falling.

Dow futures are down -168

Dow Futures

NIKKEI is bouncing now -856.62 (9.35%)

edit now -208

[edit on 9-10-2008 by 2 cents]

[edit on 9-10-2008 by 2 cents]

Just heard on the news that a life insurance company (Yamato Life Insurance) has filed for bankruptcy. Not sure how big they are.

Dollar is down significantly. About 2.5%.

Originally posted by 2 cents
Dow futures are down -168

Dow Futures

I'm still learning some about stocks, what is futures?

Does this mean that tomorrow the market will open -168?

reply to post by Kingfanpaul


I looked it up recently and I think it gives a good indication of what the market will do when it opens but I don't think it ties in directly with the Dow's points. If I'm wrong would someone who knows please correct and educate us.

also the futures trade continues all night till the NYSE opens. So it could change a LOT between now and then up or down. But if its down big or up big you can expect the dow to behave similarly when it opens.

[edit on 9-10-2008 by 2 cents]

I can't help being fascinated by the spectacle of this financial destruction.
It's like watching a tornado or hurricane...Wow!

Greed is good??? Wow!

reply to post by Leo Strauss


really i know what you mean I have been glued to stock charts for 2 weeks now and I don't even have any money in it . Its starting to show up in my dreams!

Here you go Anac:

The stock sell-off led the Osaka Stock Exchange to trigger a circuit-breaker and briefly halt trade in the Nikkei.

"No one is buying. Fundamentals don't matter any more and there's no explanation for such a plunge," said Yoshinori Nagano, chief strategist at Daiwa Asset Management.
Reuters Source

Reuters

The Nikkei average tumbled more than 11 percent on Friday, poised for its biggest one-day drop since the 1987 stock market crash, on fears of a global recession despite moves by global authorities to thaw frozen credit markets.

The stock sell-off led the Osaka Stock Exchange to trigger a circuit-breaker and briefly halt trade in the Nikkei futures.

Circuits tripped briefly. They're recovering a bit, now down 8%.
It's gonna be a long day.

2 cents - you're correct about futures. It's an indication of how tomorrow's markets will go, though one should never take them as 100% gospel. Things can and do change, often drastically. At one point last night, Dow futures were up about 200 points, and we saw what happened with the Dow today.


EDIT: Heh, thanks 2 cents, looks like we found that Reuters link at about the same time!

[edit on 10/9/2008 by anachryon]

My last post is not showing up for some reason -

A life insurance company filed for bankruptcy this morning. Yamato. No word yet on how big they are.

Are people looking so hard for economic doom that they take a 2 hour fall as news now? The Asian markets have barely been trading for a few hours.

Straits Times in Singapore down 7.1%.
Korea down 6.5%

US dollar is tumbling against the Yen.

Gold futures shot up to $925