Asian Stocks Plunge as Credit Crisis Deepens; Treasuries Climb (Nikkei fell 11%, Aus 7.2%)

[truthisfreedom]

Source: bloomberg

ct. 10 (Bloomberg) -- Asian stocks tumbled, driving Japan's Nikkei 225 Stock Average down 11 percent, and U.S. futures slumped on concern the deepening credit crisis will push the global economy into recession. Treasuries and the yen gained.

Mitsubishi UFJ Financial Group Inc. plunged 8.5 percent after Moody's Investors Service said it may cut Morgan Stanley's credit rating. Neptune Orient Lines Ltd., Southeast Asia's largest container-shipping company, declined 12 percent on concern the region's exports will slow. BHP Billiton Ltd., the world's biggest mining company, lost 7 percent after crude oil fell to the lowest level in a year. Indonesia's stock exchange delayed the resumption of trading, extending a two-day halt.

`It's pure panic,'' said Ivan Tham, Singapore-based head of funds management at Kuwait Finance House, which has about $24 billion in assets. ``You're seeing companies start to fail because they can't refinance. Good companies are being sold down aggressively with the bad.''

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=agQOfNHp6gCs&refer=home

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sigh.

[Dr.Phool]

1. Nikkei finished down 9.6%

It looks like Hang Seng closed up early. Their numbers haven't moved in a long time. And they open later than the Nikkei.

[aquart]

2. Now what?

I'm frightened and lost.

[Dr.Phool]

3. Well, Hang Seng is active again.....and going down.

We sold all of our stocks, and cashed out of 401k's several months ago. What worries me most now is interest rates. I have a HELOC that's indexed to LIBOR, and that's rising fast.

The previously mentioned monies went into gold coins, and we're looking at a good profit on that...so far.

It might be time to say "fuck it", take the coins to Costa Rica, and ride it out.

[KayLaw]

4. That's great, Dr. Phool.

Seriously, congrats on the gold coins. I have a CD that matures soon and I'm headed in that direction myself. Good luck with the HELOC.