Asian markets track Wall Street losses

Asian markets slumped Friday, latching onto Wall Street's bear market slide to levels not seen since 1997.

Tokyo's Nikkei average was off 3.5 percent in afternoon trading and the All Ordinaries index in Australia tumbled 1.2 percent. In Seoul, the KOSPI fell 0.3 percent, while Hong Kong's Hang Seng index dropped 1.3 percent. On Wall Street, stocks plunged to fresh 12-year lows Thursday as investors waded through another day of grim news, reported CNN.

The Dow Jones industrial average fell 281 points, or 4.1 percent, to close at 6,594.44, ending at the lowest point since April 15, 1997. The Dow has now fallen 14 of the past 18 sessions.

The Nasdaq composite fell 54 points, or 4 percent, to close at 1,299.59, ending at the lowest point since 1279.24 on March 12, 2003, at the bottom of the previous bear market.

The Standard and Poor's 500 index lost 30 points, or 4.2 percent, closing at 682.55, the lowest finish since Sept. 18, 1996.

Stocks slipped at the open and kept falling from there, with the selling accelerating as the major gauges failed to hang on to key technical levels that traders watch.

Once we broke through that 700 level on the S&P, which has been intact since 1996, all the people who were watching it left the building," said Joe Clark, market analyst at Financial Enhancement Group.

He said that with the major gauges at these levels, market pros have even less of a sense of where the so-called bottom is.

Stocks have been sliding on and off since peaking in October 2007 amid the housing and credit market collapse and the onset of the recession, which technically began in December 2007.

But the declines have picked up the pace year-to-date in response to growing pessimism about the economy. As of Thursday's close, the Dow is down almost 25 percent this year, the worst start in the 113-year history of the Dow.

Since closing at a record 14,164.53 on Oct. 9, 2007, the Dow has fallen 53 percent as of Thursday's close. Since closing at a record 1,565.15 on Oct. 9, 2007, the S&P 500 has fallen 56 percent as of Thursday's close.

Since hitting a bull-market high of 2,859.12 on Oct. 31, 2007, the Nasdaq has tumbled 54.5 percent as of Thursday's close. But the Nasdaq has never come near its record of 5,048.62, hit on March 10, 2000, at the apex of the Internet boom.

Stocks managed to snap back from 12-year lows Wednesday on hopes that China would announce that it was increasing the size of its stimulus plan. But the Chinese premier did not announce any boost to the $586 billion plan at a key political meeting in Beijing on Thursday.

Concerns about the outlook for General Motors also weighed on stocks Thursday. GM said in its annual filing that there is substantial doubt about the automaker's ability to survive.

The company has sustained huge losses over the course of the recession and has already received $13.4 billion in federal loans. GM has said it needs more federal money to stay afloat. GM shares fell 15.5 percent.

The world's No. 1 retailer reported a bigger-than-expected jump in February sales, thanks in part to lower gas prices. Wal-Mart said that sales at stores open a year or more, a retail metric known as same-store sales, rose 5.1 percent in February versus forecasts for a rise of 2.4 percent.

Nonetheless, many retailers continued to see weaker sales because of the slowing economy and growing joblessness.

Wal-Mart rival Target said sales fell 4.1 percent, sending shares 3.1 percent lower.
advertisement

The number of Americans filing new claims for unemployment fell to 639,000 last week from 670,000 in the previous week, versus economists' forecasts for a drop to 650,000.

In global trading, European markets tumbled.

Kazakhstan's postal service operator opens tender to buy petrol
Kazakhstan's postal service operator opens tender to buy petrol
Kazakhstan decreases import from Canada twofold amid COVID-19
Kazakhstan decreases import from Canada twofold amid COVID-19
Kyrgyz ambassador and Secretary of Senate of Pakistan discuss inter-parliamentary cooperation
Kyrgyz ambassador and Secretary of Senate of Pakistan discuss inter-parliamentary cooperation
Loading Bars
Latest
Germany extends COVID-19 restriction measures till January
Poland to start COVID-19 vaccinations as confirmed cases top 1 mln
First Vice-President of Brazilian Federal Senate sends letter to President of Azerbaijan
Kazakhstan's postal service operator opens tender to buy petrol
Kazakhstan decreases import from Canada twofold amid COVID-19
Number of enterprises launched in Iran's Fars Province increases
UK records another 16,170 coronavirus cases with 648 deaths
UAE launches satellite Falcon Eye into space
Azerbaijani, Russian FMs hold telephone conversation
Iran ranked among states with high efficiency turbine tech.
Kyrgyz ambassador and Secretary of Senate of Pakistan discuss inter-parliamentary cooperation
Restrictions mulled for New Year celebrations amid COVID-19 outbreak in Turkey
Georgian FM meets with Polish counterpart in Warsaw
Protesters in Yerevan demand Pashinyan's resignation (VIDEO)
Pfizer-BioNTech seeks full marketing approval from UK for COVID-19 vaccine
Kazakhstan eyes attracting latest US technologies in soybeans processing
Kazakhstan's Zhambyl to reduce energy-dependence by attracting investments in renewables
Germany reports record 487 COVID-19 deaths in 24 hours
Belarus reports 1,689 new COVID-19 cases, 139,908 in total
Azerbaijan eyes to use potential of liberated lands for fishery development
UN office announces agenda of special session of General Assembly on COVID-19 initiated by Azerbaijani president
Additional assets brought for Russian peacekeeping contingent delivered - Azerbaijani MoD (PHOTO)
Azerbaijan gains brilliant victory by liberating its lands - Chairman of National Congress of Azerbaijanis of Georgia
Azerbaijani Defense Ministry expresses condolences to Iranian side (PHOTO)
Deposit liabilities of Georgian banking system decreases month-in-month
Phase 3 of OPEC+ could lead to immediate fall in oil prices
Azerbaijan reveals TOP-10 private non-oil exporters
Iranian Energy Exchange announces products to be on sale on December 5
Azerbaijani banks to fully сancel loan debts of martyrs' families
Lending by Georgian commercial banks down
Iran reveals forecast for oil sales for next year
Lari depreciation remains one of leading factors in Georgian debt growth
Georgia decides to ease entry regime for its citizens
Aztelekom LLC announces tender for purchase of electronic spare parts
Bentley hires jets to fly car parts to Britain during Brexit
National Bank of Georgia reveals volume of international reserves
Georgia sees increase in overdue debt
Uzbekistan, Afghanistan eye to achieve twofold growth in trade
Russia discloses volumes of agricultural products supplied to Georgia
Azerbaijan's State Security Service prosecutes Lebanese terrorist mercenary (VIDEO)
Ashgabat City Telephone Network opens tender for audit
EU extends relief measures for COVID-hit loans to March
Turkmenistan expands international cooperation through environmental diplomacy
Iran expands mobile phone imports
Azerbaijani Clean City OJSC signs tender contract
Israel expects $220 million in non-defence trade with Bahrain in 2021
Azerbaijan determines damage inflicted by Armenia on Fuzuli, Jabrayil districts
Turkey to continue providing all kinds of assistance to Azerbaijan - Turkish Minister of National Defense
Iran’s Bahar Azadi gold coin price still rising
Employment increases in Iran's Sistan and Baluchestan Province
Azerbaijan reduces lead exports
Investment in tourism transport infrastructure to help dev’t this sector in Turkmenistan - UNWTO
Georgia expects to start adoption of Oil Stockholding Act soon
Iranian president declares budget revenues for next year
Uzbekistan’s Agrobank to fund entrepreneurial activity under Islamic sharia law
Tightening of quarantine regime may be inevitable - TABIB
Iran expects increase of budget revenues
Georgian CEC to summarize final results of parliamentary elections on December 3
COVID-19 pandemic to displace business class cars from car rental market
Azerbaijan unveils data on local insurers' fees for 10M2020
Building for Turkish-Russian joint monitoring center under construction - Turkish Minister of National Defense
Georgia cultivates significant amount of land to combat marble bugs
Uzbekistan’s Tashkent registers largest number of private enterprises
Tourism can help protect, promote Turkmenistan’s culture - UNWTO
Volume of sales through Azexport portal continues to grow
New electricity facilities to be put into operation in Iran
Japanese agency funds project aimed at improving locust control in Uzbekistan
Georgian oil company trying to contain fuel price rise
Uzbekistan, Germany in talks over partnership with EU
Value of OIC states' import from Turkey shows decline
Azerbaijan's non-oil exports via 'Single Window' system increase
SOCAR Polymer remains export leader in Azerbaijan's private sector
Georgia aims to transpose renewables acquis
Kazakhstan's crude petroleum oil exports to Greece plummet
Construction of Kerki airport passenger terminal being completed in Turkmenistan
Azerbaijan's AzerGold becomes one of export leaders in public sector
Trilateral statement on Karabakh to contribute to long-term peace in region - Kazakhstan's President
Kazakhstan discloses volume of doses to be produced by COVID-19 vaccine plant
ASTS+ trading, clearing system to up productivity of Kazakhstan Stock Exchange
Azerbaijan announces recent COVID-19 death rate
Iran reveals its COVID-19 data for December 2
Azerbaijan presents video footage from Lachin's Garygyshlag village (VIDEO)
Oil prices steady as market awaits output deal
Iran's export to Afghanistan increases
Prices of Kazakh-manufactured diesel fuel down
Azerbaijan's October 2020 non-oil exports slightly rise
Expenses on construction of enterprises in Iran’s Semnan Province climbs
Resources from Southern Gas Corridor to be available via Serbian-Hungarian pipeline
Iran's non-oil export has increases
Iron ore concentrate production of giant Iranian steel companies grows
Events in Belarus, Nagorno-Karabakh region, Kyrgyzstan complicate situation in CSTO area – Putin
Turkmenistan working on development of infrastructure for gas export
Uzbekistan’s State Tax Committee announces tender for IT services
Azerbaijan confirms 3,942 new COVID-19 cases, 2,265 recoveries
Azerbaijan shows video footage from Soyudlu gold deposit of Kalbajar district (VIDEO)
Turkish companies involved in construction of new road to Azerbaijan’s Shusha (Exclusive)
Georgia aims to introduce mobile virtual network operators in 2021
Georgian 2021 budget bill calls for issuing new Eurobonds
Turkmenistan to conclude technical inventory of companies involved in fuel, energy sector
Details of Iran's budget for next year announced
All news