Monday, August 8, 2011

[news] Asian stock markets collapse

BANGKOK (AP) - Asian stocks fell on Monday after rebate historic U.S. credit rating. But the losses were contained in the middle of a pledge by the Group of Seven industrial countries to take all necessary measures to support financial stability.

Oil prices extended recent heavy losses, trading below $ 85 a barrel on expectations of slower global economic growth.

Japan's Nikkei 225 stock average fell 1.3 percent and Seoul's Kospi fell 1.6 percent.

Hang Seng in Hong Kong fell 2.6 percent, while Australia's S & P / ASX 200 dropped its initial sale to 1 percent.

There has been an intense weekend of global finance officials.

The industrial countries of the G-7 has pledged greater cooperation to tackle economic problems and say they are committed to take all necessary measures to support financial stability and growth.

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