Click to play videoHong Kong: The US financial crisis has hit stock markets a round the world hard. US stocks plunged in early Friday in line with markets in Europe and Asia.
Andrew Stevens while reported from Hong Kong said the US may already be in recession.
"It is an end of a truly dismal wait for Asian stock markets. Nikkei is down 18 per cent and stocks in Hong Kong down nearly 13 per cent. It's all based on the fear of recession in the US. It's not official but US may already be in recession. The question is how long would it last and that depends on the frozen credit market. The longer they stay frozen, harder the US economic will be hit and that will hurt exporters in Asia. So investor are bailing out. In Japan traders were talking about panic selling. Japan is also hit by the failure of a life insurance company for the first time in seven years. all eyes are now on G7 finance ministers meet in Washington for a solution to ease the pressure of world markets including Asia," Stevens said.
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