InfoAnda - Asia markets tumble on Obama crackdown on banks

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Asia markets tumble on Obama crackdown on banks AFP - 49 minutes ago Send IM Story Print Asia markets tumble on Obama crackdown on banks HONG KONG (AFP) - – US President Barack Obama's vow to crack down on Wall Street's "reckless" big banks sent shockwaves through Asian stock markets on Friday, with the region's financial centres suffering heavy losses. Investors followed the lead of the Dow Jones index, which suffered its worst fall of the year after Obama said he wanted to put limits on banks to avoid a repeat of the financial crisis that tore into the world's economies. Tokyo's Nikkei dived 2.56 percent, or 277.86 points, to 10,590.55, while Sydney gave up 1.59 percent, or 76.6 points, to 4,750.6, its biggest daily drop since November 27. Hong Kong was 2.54 percent down by the break and Singapore was 1.60 percent lower. Obama Thursday unveiled plans to limit "excessive" risk-taking and "protect" US taxpayers by preventing banks or financial institutions from owning, investing in or sponsoring hedge fund or private equity funds. "Never again will the American taxpayer be held hostage by a bank that is too big to fail," vowed Obama. Related article: Obama moves to rein in banks Blaming the banks for causing the economic crisis, he said: "My resolve to reform the system is only strengthened when I see a return to old practices at some of the very firms fighting reform." He said he was also galvanised to act "when I see record profits at some of the very firms claiming that they cannot lend more to small business, cannot keep credit card rates low, and cannot refund taxpayers for the bailout." He vowed: "If these folks want a fight, it's a fight I'm ready to have." His words sent Wall Street diving 2.01 percent. "It's inevitable that New York shares tumbled on tighter financial regulations. Funds are flowing out of risk assets for now," said Hideaki Higashi, a strategist at SMBC Friend Securities in Japan. The region was dragged lower after Wall Street's fall, with Taipei closing down 2.47 percent, or 200.56 points, to 7,927.31 and Seoul falling 2.19 percent, or 37.66 points, to 1,684.35. Financial groups were heavily hit. In Taipei Cathay Financial was down 2.74 percent and Fubon Financial 2.61 percent lower. And in Sydney ANZ Banking Group fell 2.62 percent to 22.65 dollars (20.44 US), while the National Australia Bank lost 1.73 percent to 26.72 dollars. In Tokyo, Nomura Holdings shed 2.35 percent to 707 yen (7.87 US dollars). Indian shares were one percent off, with the country's largest bank ICICI 2.11 percent down and State Bank of India 1.6 percent lower. The news capped a tough week for Asia's markets, which have been struggling due to fears Beijing is set to tighten credit as it tries to rein in its scorching economy. Those worries were stoked Thursday after China said its economy expanded 10.7 percent in the December quarter, while inflation reached a 13-month high. Shanghai was 2.41 percent lower Friday. "We had a weak lead from Wall Street on the potential moves from China to slow things down, and Mr Obama is going forward on bank regulation," Burrell Stockbroking director Richard Herring said. "We had a good run over the Christmas period, so maybe there's just a little unwinding of some Christmas excess." Despite the markets' woes, Tiger Airways made its debut in Singapore, becoming the first Asian carrier to list in five years. The budget airline, one of the most actively bought stocks, was at 1.54 Singapore dollars (1,11 US), up from its initial public offering price of 1.50 dollars. In Tokyo bankrupt Japan Airlines fell to one yen (one US cent) before rebounding to two yen, the same as Thursday's close. Japanese stocks were also hit by a stronger yen, which led to new fears for exporters. The dollar dropped to 90.05 yen in Tokyo afternoon trade from 90.50 in New York late Thursday. The euro gained to 1.4135 dollars from 1.4082 but dropped to 127.31 yen from 127.44. Oil was also lower, with New York's main contract light sweet crude for March delivery down 12 cents to 75.96 US dollars a barrel while Brent North Sea crude was off 15 cents at 74.43 dollars. Hong Kong gold opened at 1,094.50-1,095.50 US dollars an ounce, down from Thursday's close of 1,113.50-1,114.50 dollars. In other markets: -- Wellington fell 1.08 percent, or 34.86 points, to 3,190.43. Fletcher Building lost 18 cents to 7.97 dollars and Contact Energy dropped 16 cents to 6.00. -- Manila fell 2.01 percent, or 62.11 points, to 3,023.47. Philippine Long Distance Telephone fell 0.55 percent to 2,700 pesos. -- Dow Jones Newswires contributed to this story -- Recommend Send IM Story Print Related Articles Reliance profit up 16 percent on higher sales AP - 1 hour 1 minute ago CORRECTED-India's Reliance Q3 net up, in line with forecasts Reuters - 1 hour 3 minutes ago Korean Air books Q4 net profit on cargo gains AP - 1 hour 4 minutes ago TABLE-Corporation Bank Oct-Dec net up 19 pct, beats f'cast Reuters - 1 hour 5 minutes ago Fujitsu to keep chip business -incoming president Reuters - 1 hour 9 minutes ago News Search Top Stories Flush Goldman Sachs seeks to soothe bonus outrage Victim in Polanski case supports absentia bid Google quarterly net profit up five-fold Haiti quake is a new warning of Latin America's faultline Obama announces plan to rein in banks, finance firms More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Australia moving cancer-hit Tasmanian Devils to new islands Booming Chinese economy snaps at Japan's heels Haiti quake is a new warning of Latin America's faultline Google quarterly net profit up five-fold Obama to propose size limits for banks More Most Viewed » Beat the blues by going to bed early: study Huge tomb found at Egypt's Saqqara pyramid Woman who saved Anne Frank's diary dead at 100 Scientists praise Obama as Doomsday clock reset More Most Recommended » Elsewhere on Yahoo! 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