InfoAnda - Asian markets lower amid bleak global economic outlook

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Asian markets lower amid bleak global economic outlook AFP - 30 minutes ago HONG KONG (AFP) - - Asian markets were lower Monday as world finance leaders gave a grim forecast for 2009 despite US President George W. Bush offering a multi-billion-dollar lifeline to the auto industry. Traders had been lifted by the announcement at the weekend of the 13.4 billion dollar bailout for two of the Big Three automakers but soon fell away as concerns for the global economy returned. Sydney closed 1.6 percent down while Hong Kong was 1.7 percent off at noon and Seoul closed 1.36 percent lower. Shanghai lost 1.8 percent and Taipei 1.5. However, Tokyo was 1.57 percent up despite the government saying for the first time in almost seven years that the outlook for the world's second biggest economy was getting worse. The last time it used such negative language was in February 2002. As industrial production and corporate profits deteriorate, "the economy is likely to continue worsening for the time being," the Cabinet Office said in its monthly report. Earlier Tokyo released data showing a record drop in exports as the worst global financial crisis in decades bites deeper and a strengthening yen make it harder to sell overseas. Japan reported a trade deficit of 223.4 billion yen (2.5 billion dollars) in November as exports fell at their fastest-ever rate, the finance ministry said. The economy "stepped up the pace of its decline last month but is falling head over heels this month," said Hiroshi Watanabe, economist at Daiwa Institute of Research. "Japan has been hit by an unprecedented, sudden change in climate," he said. The trade deficit, which compared with October's deficit of 67.7 billion yen, reversed a surplus of 784.4 billion yen a year earlier, even though imports fell for the first time in 14 months. And a survey in the Nikkei economic daily Monday showed 99.3 percent of chiefs at Japan's 137 major corporations believe the domestic economy is deteriorating. On Sunday International Monetary Fund (IMF) chief Dominique Strauss-Kahn predicted a "very dark" 2009 that could be worse than expected if states did not take sufficient action. "Our forecasts are already very dark, but they will be even darker if not enough fiscal stimulus is implemented," he told BBC radio in London, predicting recession for advanced economies and decreasing growth for emerging ones. And Bank of Spain governor Miguel Angel Fernandez Ordonez was even more pessimistic, warning the world faced a "total" financial meltdown unseen since the Great Depression of the 1930s. Traders had been given a boost after Bush on Saturday unveiled the long-awaited bailout for General Motors and Chrysler to save them from imminent bankruptcy and stave off the loss of hundreds of thousands of jobs. "These are not ordinary circumstances," Bush said in announcing the aid. "In the midst of a crisis and a recession, allowing the US auto industry to collapse is not a responsible course of action." The move rallied Wall Street briefly before the Dow closed 0.38 percent lower, although the tech-heavy Nasdaq added 0.77 percent. President-elect Barack Obama Sunday announced plans to make a further 500,000 jobs on top of the 2.5 million previously pledged with a stimulus plan that could cost 850 billion dollars over two years. Vice president-elect Joseph Biden on Sunday said: "What we're doing is putting together what we think will be the economic package that will do two things. One, stem the hemorrhaging of the loss of jobs, and begin to create new jobs." Meanwhile, China pledged to help Taiwanese companies amid the credit crisis, offering 19 billion dollars of financing over the next three years to boost the island's firms working on the mainland. On Sunday five of the seven bourses in the Middle East closed sharply lower as the global financial crisis begins to impact the region while weaker demand for energy brings down the price of oil. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Ireland unveils euro5.5 billion bank bailoutAP - 25 minutes ago Russian rouble weakens vs dlr/euro basketReuters - 27 minutes ago Asian markets lower amid bleak global economic outlookAFP - 30 minutes ago China says firms can reduce social security payments: state mediaAFP - 32 minutes ago Takeda starts Japan Phase III trials for obesity drugReuters - 32 minutes ago Enlarge Photo Asian markets lower amid bleak global economic outlook Most Popular – Business Viewed Global economy seen sinking into 'severe' 2009 recession: report Let poor eat caviar: Milan authorities New Year's hangover? 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