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Asian markets see further losses Asian markets see further losses
(10 minutes later)
A week after share prices around the world first began to fall, markets in Asia are still on the way down.A week after share prices around the world first began to fall, markets in Asia are still on the way down.
The South Korean index dropped more than 6.5% and trading was briefly suspended, while Japan's Nikkei lost more than 2.5% in the morning session.The South Korean index dropped more than 6.5% and trading was briefly suspended, while Japan's Nikkei lost more than 2.5% in the morning session.
In Hong Kong, the Hang Seng lost 2.5% in early trading, losing 534.49 points to reach 20,841.23.In Hong Kong, the Hang Seng lost 2.5% in early trading, losing 534.49 points to reach 20,841.23.
The markets were nervous, after New York closed below 13,000 on Wednesday for the first time since 24 April.The markets were nervous, after New York closed below 13,000 on Wednesday for the first time since 24 April.
The falls are being caused by continuing concerns about the state of credit markets worldwide.The falls are being caused by continuing concerns about the state of credit markets worldwide.
In Sydney, Australia's benchmark S&P/ASX 200 lost more than 5% in the morning session, down 291.5 points at 5,496.5.In Sydney, Australia's benchmark S&P/ASX 200 lost more than 5% in the morning session, down 291.5 points at 5,496.5.
Elsewehere in Asia, Singapore lost almost 3.5% on Thursday morning, falling 113.18 points to reach 3,160.07.Elsewehere in Asia, Singapore lost almost 3.5% on Thursday morning, falling 113.18 points to reach 3,160.07.
"The downtrend is still there," said DBS Vickers Securities retail market strategist Yeo Kee Yan told the AFP news agency."The downtrend is still there," said DBS Vickers Securities retail market strategist Yeo Kee Yan told the AFP news agency.
The Bank of Japan announced it would inject 400bn yen ($3.4bn) into its banking system in an effort to restore confidence and avoid a credit squeeze. And when markets opened in Mumbai, the Indian share index lost 4.34% within minutes.
Meanwhile, thhe Bank of Japan announced it would inject 400bn yen ($3.4bn) into its banking system in an effort to restore confidence and avoid a credit squeeze.
Credit problemsCredit problems
New York's S&P 500 index dropped 19.8 points or 1.4% to 1,406.70 at close of trading on Wednesday, which means it has now wiped out all of its gains for the year.New York's S&P 500 index dropped 19.8 points or 1.4% to 1,406.70 at close of trading on Wednesday, which means it has now wiped out all of its gains for the year.
The problems in the US housing market came to the fore again as Merrill Lynch told its clients to sell any shares they own in the country's largest mortgage lender, Countrywide Financial.The problems in the US housing market came to the fore again as Merrill Lynch told its clients to sell any shares they own in the country's largest mortgage lender, Countrywide Financial.
Tokyo saw Wednesday's falling trend continue on ThursdayTokyo saw Wednesday's falling trend continue on Thursday
It warned that Countrywide could face bankruptcy if the availability of credit in the market gets any worse and there were market rumours that the lender had indeed failed to raise some money it needed.It warned that Countrywide could face bankruptcy if the availability of credit in the market gets any worse and there were market rumours that the lender had indeed failed to raise some money it needed.
Worries about a slowdown in US consumption were not helped by results from the department store Macy's, which blamed the "difficult" climate for a 77% fall in its quarterly profits.Worries about a slowdown in US consumption were not helped by results from the department store Macy's, which blamed the "difficult" climate for a 77% fall in its quarterly profits.
Earlier in the session, investors were soothed by US government data that showed consumer inflation rising by just 0.1% in July, slightly less than expected.Earlier in the session, investors were soothed by US government data that showed consumer inflation rising by just 0.1% in July, slightly less than expected.
The news that the Federal Reserve had made another $7bn (£3.5bn) of reserves available to the banking system should also have soothed the market.The news that the Federal Reserve had made another $7bn (£3.5bn) of reserves available to the banking system should also have soothed the market.
It pales in comparison with the $38bn that was injected last Friday, but still acted as a reminder that the central bank is prepared to provide cash when it is needed.It pales in comparison with the $38bn that was injected last Friday, but still acted as a reminder that the central bank is prepared to provide cash when it is needed.