Skip navigation
Watchlist Sponsored By :

Current DateTime: 08:03:10 25 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 08:03:10 25 Nov 2009
LinksList Documentid: 33793611
  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?


Current DateTime: 08:03:10 25 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
By: CNBC.com | 18 Sep 2008 | 06:22 AM ET
Text Size

Asian markets took a beating Thursday, but emergency actions by central banks and governments around the world saw a late-session rebound in the Hong Kong and Singapore markets.      

The seismic shift on Wall Street continued apace, with frenetic consolidation in the financial sector in the world's largest economy, sending the MSCI all-country world stocks index to its lowest since November 2005.

Investors piled into short-term U.S. Treasuries, pushing yields down close to zero as investors bailed from money market funds. Even the Federal Reserve had to receive a $40 billion injection from the U.S. Treasury to help it manage its balance sheet, after the Fed offered $85 billion in loans to rescue American International Group [AIG  Loading...      ()   ] on Wednesday.

The latest -- No. 2 U.S. investment bank Morgan Stanley is in talks with China for a fresh infusion of funds and top U.S. savings and loan Washington Mutual is reportedly up for sale. In addition, a source familiar with the matter said Britain's Lloyds TSB agreed to buy rival HBOS , reflecting the unstable landscape that has contributed to gold's 18 percent surge in the last week.

The U.S. dollar fell against the euro [EUR-TN  Loading...      ()   ] and the yen [JPY-TN  Loading...      ()   ], with investors exiting risky assets for the safety of government bonds and gold. Gold surged above $870 an ounce and crude oil futures for October [US@CL.1  Loading...      ()   ] is trading at the $97 a barrel level. 

Japan's Nikkei 225 Average [JP;N225  Loading...      ()]  closed down 2.2 percent to a three-year low as credit fears roiled global markets despite efforts by the U.S. government to prevent a financial meltdown. Financial shares such as top lender Mitsubishi UFJ Financial Group plunged as their Wall Street peers were pounded and exporters like Honda Motor and Sony also fell on worries about the impact of financial crisis on the global economy.

Seoul shares closed 2 percent lower, recovering slightly from losses of over 4 percent in the session, after U.S. shares dived on persistent financial fears and sent Asian indexes sharply lower. The slide came despite the announcement that South Korea had been upgraded to "developed market" status by the FTSE Group. Financials such as Kookmin Bank led falls, with South Korea's top commercial lender losing 7.12 percent.

Australian shares dropped 2.4 percent as investors continued to dump financial shares on concerns about who could be the next victim of the global credit crisis. Top investment bank Macquarie Group plummeted 23 percent to its lowest level in more than five years, while top lender National Australia Bank touched an 11-year low. Only gold miners defied the gloom, as nervous investors sought refuge in the precious metal. Newcrest Mining was up an impressive 14.5 percent.

The Hang Seng Index, staged a late-session rally to close flat after plunging over 7 percent to hit a 26-month low as investors dumped Chinese financial stocks. Top lender Industrial & Commercial Bank of China, which is reported to have $152 million in exposure to failed U.S. investment bank Lehman Brothers, plummeted 11.7 percent, but also rebounded to close 0.2 percent higher. Investors were encouraged by liquidity actions from the Federal Reserve and other central banks.

Singapore's Straits Times Index was also off its lows to close flat. Investors had sold bank and property stocks such as DBS Group and CapitaLand on fears the credit crisis was deepening.

China's Shanghai Composite Index bounced sharply from early lows to close 1.7 percent lower because of a rebound in banking shares. The index sunk over 6 percent at one point, in response to the turmoil in the global equity markets and financial system.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Here's how key provisions of the health care reform bill would impact your insurance and how you'll pay for it.
  • Playboy Logo
  • Playboy will outsource its publishing operations in a bid to become profitable again.
  • Remember when auto shows were major events where new models could generate buzz?
  • After nine years the NBA’s minor league equivalent is finally coming into its own.
  • Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
  • For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
ADD COMMENTS
Remaining characters


Current DateTime: 05:21:40 25 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:03:47 25 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 02:05:46 25 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:02:04 25 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters