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Asian indices fall sharply on a sell off on Wall Street; Stronger Yen drags down Japanese exporter shares

Monday, October 22, 2007

Early on Monday, Asian indexes fell sharply in the wake of a sell-off on Wall Street, with Japanese stocks also hurt by a stronger Yen that dragged down big exporters.

In Tokyo, the Nikkei 225 average sank 3% to 16,308.42 and the broader Topix index lost 2.7% at 1,548.53. South Korea's Kospi tumbled 3.7% to 1,896.85, Singapore's Straits Times index lost 2.6% at 3,650.94, Australia's S&P/ASX 200 declined 2% at 6,574.90 and New Zealand's NZX 50 index slipped 0.1% to 4,316.31. China's Shanghai Composite fell 1.8% at 5,713.08 and Taiwan's Weighted index dropped 2.8% at 9,341.54.

iShare MSCI India ETF is down 3.5% and iPath MSCI India Index is down 5%. Among the emerging markets, Brazil was down 3.7%, Russia up 0.3%, Philippines down 3.9%. Yen rose to a 6-week high vs dollar as G-7 showed concerns about global growth. Yen appreciated by 1.10% at 113.82.

Crude oil for November delivery fell as much as 84 cents to $ 87.76/bbl. The contract settled at 87 cents to $ 88.60 a barrel on Friday. The contract had hit a record high of $ 90.02/bbl on Friday before retreating.

Posted by FR at 9:20 AM  


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