This is not related chess news but concerning economical crisis which is going to happen.
Investors took scant comfort from Washington's passage of a US$700 billion plan to buy bad assets from banks and other institutions to shore up the financial industry on Friday because of the uncertainty still hanging over the details of the deal and the degree to which it will help.
Over the weekend, many European governments moved to save troubled banks, and made more promises to protect depositors from the credit crisis.
But analysts said that, like the
"Everyone is losing confidence," said Mark Tan, who helps manage about $20 billion of equities and bonds at UOB Asset Management in
"This credit crunch looks like it's not going away any time soon," said Alex Tang, head of research at brokerage Core Pacific-Yamaichi in
Investors appeared spooked by a series of developments out of
Belgian Prime Minister Yves Leterme said Sunday that
The outlook for the U.S. economy darkened after figures released Friday showed that 159,000 jobs in the U.S. were lost last month, the fastest pace in more than five years.
Such concerns overshadowed any investor optimism over the U.S. House of Representatives' approval Friday of a massive bailout plan that will allow the
Investors questioned how long it would take for the package to unfreeze credit markets, restore bank lending and generally shore up the
"The market had already figured in the package's passage," said Yukio Takahashi at Shinko Securities Co. in
Japanese financial companies and industries dependent on exports, such as steel, were especially hard hit Monday. Nippon Steel Corp. stock tumbled 9.8 percent, while Mizuho Financial Group was down 8.3 percent in morning trading.
Trading in mainland
Banks and other financial shares saw heavy declines. Shanghai Pudong Development Bank fell 7 percent and Bank of China slipped 3.6.
Shares of Ping An Insurance Co. rose even after it said Monday it will record a US$2.3 billion loss on its stake in European bank Fortis in the biggest blow yet to a Chinese institution from the global credit crisis.
In currencies, the euro slid to US$1.3570 from US$1.3774 late Friday. But the dollar was weaker against the yen, falling to 103.66 from 105.30 yen late Friday.
Oil prices tumbled on speculation that slower global growth will cut crude demand. Light, sweet crude for November delivery was down US$3.23 to US$90.65 a barrel in Asian electronic trading on the New York Mercantile Exchange.