Asian Stocks Extend Losses as Chinese Concerns Darken Sentiment | national



By YURI KAGEYAMA Business Writer AP

TOKYO (AP) – Asian stocks fell on Tuesday, Tokyo down 2% as concerns over heavily indebted Chinese real estate developers weighed on sentiment.

On Monday, US stocks posted their biggest drop since May, with the highly technical Nasdaq composite slumping 2.2%.

Markets were closed Tuesday in Taiwan, Shanghai and South Korea.

In Hong Kong, the Hang Seng fell 0.5% to 23,971.73 as sales from real estate developers slowed.

The Nikkei 225 lost 601.48 points to 29,898.57. The Australian S&P ASX 200 slipped 0.1% to 7,244.80.

Analysts said fears that the damage caused by a real estate crisis in China would spill over to the world were based on memories of past financial crises such as the bursting of the Japanese economic “bubble” or the crisis. subprime mortgages in 2008.

In Japan, this disaster is called the Lehman Crisis for the collapse of Lehman Brothers in 2008 which made the situation worse.

“The whisper is that this could be China’s ‘Lehman moment’. Even with the Chinese markets closing until Wednesday, we are seeing massive sales around the world, ”RaboResearch said.

The S&P 500 fell 1.7% on Monday to 4,357.73, its biggest drop since May. The S&P 500 was coming off two weeks of losses and is on track for its first monthly decline since January.


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