Washington - Financial shares led a sharp drop Monday on Wall Street after news of the collapse of a small bank in Kansas fed continuing worries about bad loans still on the books of companies in the sector.
Columbian Bank & Trust Co, based in Kansas, became the ninth federally insured bank to fail this year in the United States, a symptom of the continuing repercussions of the US mortgage crisis, which has plagued Wall Street since the deflation of a housing price bubble last year.
Hong Kong- Hong Kong stocks jumped by 3.5 per cent Monday, spurred on by a resurgent Wall Street to stage their biggest one-day rally in five months.
The Hang Seng Index closed up 712.23 points at 21,104.79 points, 3.5 per cent higher than Friday's close. Turnover was 55.6 billion Hong Kong dollars (7.1 billion US dollars).
The strong performance by the Hong Kong market saw blue chips jump in value as Hong Kong reacted to big gains on Wall Street Friday. On Thursday, the Hang Seng Index lost 2.6 per cent.
Tokyo - Tokyo stocks opened higher Monday on Wall Street rises before the weekend and the US dollar's advance against the yen.
The Nikkei 225 Stock Average increased 232.98 points, or 1.84 per cent, to 12,899.02.
The broader Topix index of all first-section issues was also up 23.77 points, or 1.95 per cent, at 1,240.19.
On currency markets at 9 am (0000 GMT), the dollar was quoted at 109.91-96 yen, up from Friday's 5 pm quote of 109.10-11 yen. A stronger dollar makes Japanese products cheaper overseas.
Indian stocks broadened its losses during the week ended August 22, owing to reappearing US mortgage crisis, exerting pressure on international markets for the week under review.
Global developments, including increase in crude oil prices, high inflationary numbers and sustained capital outflows from the Indian equity also contributed to the downbeat responses, turning the BSE Sensex under the psychological 15K-mark.