All markets have plunged some up to -8%. Mumbai stock exchange closes for an hour due to heavy losses. Chinese banks in difficulty. According to Soros it is the worst financial crises since the Second World War.

Singapore (AsiaNews) – For a second day in a row, Asian markets have continued to tumble, in rising fear that a US recession will slow down the global economy.  The dramatic drop in Asia and Europe awaits the opening of Wall Street in New York, but forecasts are negative.

The Nikkei index in Japan closed at minus 5.65%, added to an 18% fall already this year.  In Mumbai trading was suspended for an hour to and when they resumed the index had losses of up to 12%.Trading was suspended in Seoul too and closed down 5%; in Hong Kong down 8%.

In Shanghai, by midday the stock Exchange was already down 4%; Chinese financial titles trading on the Hong Kong stock market were depreciated by 9%.  The president of China Merchant Bank declared that because of the US mortgage crises, income from the Chinese banks will be seriously hit.

By midday the Kuala Lumpur market was down 4%; Bangkok too.  All of the other Asian markets were sucked into the downward spiral: Jakarta down 9.10%; Taiwan - 6.42%; Philippines – 5.51%; Singapore – 4.83%.

Dominique Strass-Kahn, chief of the International Monetary Fund defined the global economic situation as “serious” hit by a slowdown in US economic growth.  Yesterday’s fall was the lowest since the immediate aftermath of the September 11th attack on the Twin Towers in 2001.

Finance expert George Soros says the world is on the brink of the worst economic crises since World War Two.

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