BANGKOK ? Asian stocks sank Thursday after Japan announced that exports had fallen for the fifth straight month in July and weak forecasts in the U.S. fed fears of a second recession.
Japan's benchmark Nikkei 225 fell 0.4 percent to 9,019.52 after the finance ministry said exports fell 3.3 percent from a year earlier to 5.78 trillion yen ($75.6 billion). The downturn was largely due to the strengthening yen and the ongoing impact of the March 11 earthquake and tsunami.
South Korea's benchmark Kospi index lost 1.1 percent to 1,871.29. Australia's S&P/ASX 200 index fell 0.8 percent to 4,271.50.
Wall Street stocks posted modest gains Wednesday after companies reported higher earnings. But economic growth is weak around the world, and some economists worry that a second recession may be coming.
While Dell Inc. reported earnings for last quarter that were above expectations, it cut its prediction for revenue growth this year. Technology stocks on the S&P 500 fell 0.8 percent after Dell cut its forecast.
The Dow Jones industrial average rose 4.28 points to 11,410.21. The S&P 500 rose 0.1 percent to 1,193.89. The Nasdaq composite fell 0.5 percent to 2,511.48.
Investors are also worried about Europe. Some countries have borrowed so much that they may not be able to repay their bonds, and economic growth there has slowed. Concerns about a possible default by a European country have dominated the market in recent weeks, along with worries about the slow U.S. economy.
wendy wendy mortgage rates mortgage rates ign dow jones industrial average msb
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.