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December 24, 2008

Asian, European Markets Fall After More Bad US Economic News
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http://enews.voanews.com/t?ctl=212A688:A6F02AD83191E160BB75C686610F77323CF5CDEF8FC051DA&
 
Japan's key Nikkei index loses more than 200 points in trading,
Wednesday 
Global stock markets are falling Wednesday as investors react to more
bad news about the U.S. economy. A pedestrian is reflected on an
electric market board in Tokyo, 24 Dec 2008 Japan's key Nikkei index
lost more than 200 points in Wednesday's trading. Key markets in Hong
Kong, Mumbai, Seoul and Shanghai also posted significant losses. The
sell-off extended to markets in London and Paris in the early morning
session. Trading is very light due to Wednesday's holiday observance
(Christmas Eve), and a number of markets are closed, including the
market in Frankfurt, Germany. Shares of some of Asia's leading companies
are leading the downturn. Japanese automaker Toyota lost 4 percent in
the first day of trading since Monday, when it forecast its first
operating loss in seven decades. The U.S. government released figures
Tuesday showing the nation's gross domestic product declined by a
half-percent in the third quarter - July, August and September - of this
year. The G!
 DP adds up all the goods and services produced in the nation, and is an
important measure of the economy's health. Two separate reports issued
Tuesday show the U.S. housing market remains in a steep decline, with
sales and prices of new homes plunging to their worst marks in decades.
The current economic downturn started with problems in the U.S. housing
market. Vice President-elect Joe Biden told reporters Tuesday the
incoming Obama administration and members of Congress are close to
agreement on an economic stimulus package. The program is intended to
boost the economy with government spending on roads, mass transit, and a
tax cut for the middle class. The economic crisis is hitting many
nations besides the United States. British officials on Tuesday said the
country's GDP fell six-tenths of a percent in the third quarter - the
biggest drop in 18 years.

Some information for this report was provided by AP and Reuters.


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