- CNTV English - CCTV News

Asian markets continue to open down Tuesday, rebound in afternoon

08-10-2011 09:05 BJT Special Report:After S&P Downgrades U.S. Credit Rating |

Watch Video

Play Video

The sell-off continued in Tuesday's Asian session as flustered investors fled equities, fearing another global recession. But in the afternoon, a rebound was staged, helping cushion expected losses in Europe.

Major indexes in Asia slumped between 2 and 8 percent in early trade following a drop of more than 6 percent on Wall Street.

Tokyo's Nikkei was down more than 4 percent at one stage. China's benchmark index opened 2.3 percent lower. Hong Kong shares opened over 4 percent lower and plunged as much as 8 percent during its session.

Seoul stocks continued to be one of the worst performers in the region, with the KOSPI slumping more than 7 percent this morning. Even down under, stocks weren't immune to the destruction - Australian shares plunged over 5 percent in the morning, their biggest drop since November 2008.

A currency trader watches monitors at the Korea Exchange Bank
headquarters in Seoul, South Korea, Tuesday, Aug. 9, 2011. Asian equity
markets were sharply down early Tuesday as investors fearing a possible
global economic slowdown continued to flee stocks.
(AP Photo/Ahn Young-joon)

Francis Lun, managing director of Lyncean Holdings said, "It's a complete meltdown, it's like the financial crisis, or financial tsunami, there is a complete loss of confidence."

Despite the terrible opening, Asian stocks managed to bounce back from lows thanks to short covering and bargain hunting. Australia's benchmark staged the most dramatic comeback and was up 1.2 percent after sitting in the red at more than 5 percent. Elsewhere, buying by state pension funds helped pare heavy initial losses in markets such as South Korea and Taiwan.

A woman is reflected in a window as the Australian Stock market opens in Sydney, Tuesday, Aug. 9, 2011. The U.S. stock market buckled Monday under the weight of a crisis in Europe and danger of recession at home. (AP Photo/Rick Rycroft)

Editor:Li Wanran |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program