Global Markets down again, Tokyo loses another 5 per cent

Fears of a global recession are up. Projections are negative for Great Britain. Recession is almost "in sync" in the European Union and the United States. Oil prices drop.

HONG KONG (AsiaNews) - Asian markets opened sharply down after the Dow Jones index plummeted 5.69 per cent overnight on Wall Street.

In Tokyo the benchmark Nikkei sank 5.5 per cent; at one point, it was down 7.6 per cent. South Korea's Kospi index lost 6.3 per cent. Singapore dropped 4.12 per cent and Taiwan stocks dropped 3.07 per cent. Hong Kong shares slid 4.5 per cent whilst Shanghai fell 3 per cent

For experts negative signs are closely related to fears about a global recession, best illustrated by the latest poor quarterly results for many companies and uncertain expectations for the future.

In China the market is still in a slump despite government tax cuts in the real estate sector, already in deep crisis.

News that world leaders are to meet in Washington on 15 November at a summit to discuss the global financial crisis has failed to halt the panic sell-off that accelerated in late US trading.

British Prime Minister Gordon Brown acknowledged his country was "likely" entering recession.

Crucial data are expected to show on Friday that the British economy shrank in the third quarter after zero growth in the second.

A similarly gloomy forecast came from Swiss bank UBS, which said Europe faced "inevitable" recession that would begin "almost in sync" with the United States.

Fears of lower demand has pushed New York's main contract, light sweet crude for December, to close at US$ 66.75 a barrel.