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Asian markets tumbles, European markets close weak

October 16th, 2008

The Asian stock markets, primarily lead by the Nikkei, tumbled today with deep recession fears haunting them. Meanwhile, the European markets opened weak with the British stock markets sliding with banks and commodities getting hit.

The Asian markets opened the day on a weak note and the weakness intensified. The Japanese Nikkei 225 that had a blockbuster session a couple of days ago had seen a knock today as the index lost over 1000 points in a single session today or 11.41%. Other major markets today are Seoul Composite (down over 9.44%), All Ordinaries and the Seoul Composite amongst others.

The Indian stock markets too had a worse session but the markets soon stood out and took a upward turn during the later part of the day. The Bombay Stock Exchanse is down 227.63 points or 2.11. The Realty, FMCG, Consumer Durables and Bankex stook out while the Oil & Gas, Capital Goods, IT, Auto, Power, PSU and Healthcare stocks are down.

The European stock markets are in the red too with the ATX down 4.6%. BEL-20 down 3.8%, Swiss Market down 1.6% and the FTSE 100 down over 2.3%

1 U.S. dollar = 48.4191 Indian Rupees
1 U.S. dollar = 100.4116 Japanese Yens
1 U.S. dollar = 0.7436 Euros
1 Ounce Gold = $835.00

Thursday, October 16, 2008 4:40:46 PM IST

Entry Filed under: Global Markets