Sydney - The steep fall on Wall Street exerted a strong gravitational pull on Australian stocks Tuesday, dragging the market down more than 4 per cent.
Sellers swamped buyers in a market that had already factored in an easing of monetary policy that was made concrete in the afternoon session, when the Reserve Bank of Australia announced a cut of 1 per cent in the prime interest rate.
"Traders had already priced in a cut of 100 basis points and there had even be talk that the RBA would go for 125 basis points," said James Waggett of Bell Potter Securities.
Hong Kong - Hong Kong shares plunged by more than 4 per cent Tuesday in early trading following heavy overnight losses on Wall Street, as the US economy officially sank into recession.
The blue-chip Hang Seng Index lost 610.16 points, or 4.32 per cent, in the first 15 minutes of trading, tumbling below the 14,000 mark to 13,498.68.
The fall follows follow five consecutive days of gains on the Hong Kong index, the longest positive run since December 2007. Hong Kong shares have now fallen almost
New York - US stocks plunged by the most in more than a month Monday, erasing about half of last week's rally amid fears of a widening economic slowdown.
Industry figures showed that the US manufacturing sector fell to its lowest level since 1982. The Institute for Supply Management's index fell to 36.2 in October. A reading below 50 marks a contraction.
General Electric Co and Caterpillar Inc both lost nearly 10 per cent on the news.
Hong Kong - Hong Kong stocks rose 1.59 per cent Monday in their fifth straight day of gains, the longest rally for almost a year.
The blue-chip Hang Seng Index climbed by 220.6 points to end the day at 14,108.84 points. Turnover was 43.9 billion Hong Kong dollars (5.66 billion US dollars).
The market was lifted by buoyant property stocks, lifted by reports that a major city property company had sold 300 units in a new development despite a perceived decline in the homes market.
Sydney - The steep fall on Wall Street exerted a strong gravitational pull on Australian stocks Tuesday, dragging the market down more than 4 per cent.
Manila - Philippine shares plunged 4.65 per cent on Tuesday tracking the decline in Wall Street and other international markets.
Hong Kong - Hong Kong shares plunged by more than 4 per cent Tuesday in early trading following heavy overnight losses on Wall Street, as the US economy officially sank into recession.
New York - US stocks plunged by the most in more than a month Monday, erasing about half of last week's rally amid fears of a widening economic slowdown.
Hong Kong - Hong Kong stocks rose 1.59 per cent Monday in their fifth straight day of gains, the longest rally for almost a year.
