No sign of an end to Asian meltdown as Hong Kong rally is wiped out

Article Abstract:

Asian financial markets have been affected by a financial crash which began in Thailand. Asian countries with large external debts used high interest rates to attract foreign funds to pay interest on the debts, and high rates affect economic growth. Hong Kong had no major debt problem and had enough liquidity to be used by fund managers seeking to pay investors leaving Asia. Hong Kong interest rates are being raised to defend the currency and this could affect banks and real estate firms, in turn pushing down stock prices.

Economic aspects, Asia, Financial markets

---

New York and London pull back from the abyss but Hong Kong's plunge continues

Article Abstract:

Stock prices dropped worldwide on Oct 28 1997 but then rose again in the US by more than they had fallen previously in the day. The US rise helped the United Kingdom market recover, though the result was a net drop in UK stock prices. New Zealand saw a drop of over 12% for the day, and Hong Kong prices dropped by nearly 14%. This has meant a 30% fall in Hong Kong stock prices in Oct 1997. There is concern that Hong Kong real estate prices could fall, and analysts are forecasting a 30% drop in real estate values.

Prices and rates, Statistics, United States economic conditions

---

Similar abstracts:

• Abstracts: 50,000 defy China to remember Tiananmen. Hong Kong's quiet hero stands his ground
• Abstracts: How Britain lost chance to keep its last great colony. Hong Kong's new warmth for Cool Britannia. Happy chasing shadows in this war game
• Abstracts: Order-driven confusion fuelled by Asian turmoil. The end of Liffe as we know it. City braces for a new order with advent of Big Bang 2
• Abstracts: My race? You can mark me down as multiracial. 18 years of Tory rule? Sorry, I missed it. Even Canute would not try to hold back the tide of multiculturalism
• Abstracts: There is an alternative to joining the euro. Economic sense and political sensibilities over the euro. The drawbacks of a one-size-fits-all monetary policy become clearer

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.