The same problem that Wall Street in the U.S. had last week is now spreading to the Asian markets. Fancy financial instruments are fast becoming worthless and lack of trust is everywhere. Japan’s stock market plunges more than 3% to 4-year low.
Posted in asia, asian markets, hong kong, japan, nikkei, products, structured prodcuts, turmoil | No Comments »
The sovereign wealth funds are all freaked out about the U.S. debt and the precedent set by Bear Stearns and Fannie/Freddie.
The memory of the Asian currency crisis is still fresh and the banks in Asia are trying to find ways to settle transactions quickly.
If Singapore, China, Korea, Japan, and Thailand cannot be persuaded that everything is under control by the time the markets open on Monday, they still have a fiduciary to protect their own national security.
They may not dump all of it, but they still need to dump some of the U.S. Debt early next week.
What an interesting situation.
Posted in asia, asian, banking system, china, economy, japan, korea, thailand | 3 Comments »
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