Asian Stocks Fall after Obama’s Inauguration
Asian stock markets fell on Wednesday as economic pessimism remains high amidst the inauguration of US President Barack Obama. As massive bank losses are continuing to hunt the economy, traders and businesses remain their gloomy outlook for this year, expecting to face a protracted and deep recession.
Asian stock markets fell on Wednesday as economic pessimism remains high amidst the inauguration of US President Barack Obama.
In Japan, one of the most severely hit countries in terms of economic recession; benchmark was down almost 1 percent amidst the looming problem of car makers due to low consumer demand.
The weakening economy in the region was a domino-effect of the Wall Street meltdown, which was even aggravated by the massive bank losses like in Britain where the government has recently provided banks its second bailout package.
Despite Obama’s promise of changes in US, Asian investors and businesses remain their gloomy economic outlook for the whole period of 2009, expecting to face a protracted and deep recession.
Stock markets in Singapore, Japan, Australia, and South Korea have experienced decline.
In New York trading, Dow Jones industrial slumped 4 percent or 332.13, the worst-ever experienced by Wall Street during an inauguration day of a new president. Meanwhile, analysts predicted that local markets will bounce back after the next day.
In terms of currencies, the US dollar is gaining its momentum, increasing from 89.86 yen to 89.96. Meanwhile, euro gained to $1.2973 from $1.2876.
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