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Published: Wednesday 14 August, 2013

fossil outlet store online fossil outlet store online ?Asia stocks drop

economies. stocks stabilized on soothing comments from Federal Reserve Chairman Ben Bernanke.

Analysts said the selloff was most likely a correction to cool overheating markets.

There is definitely a case for a market correction but as of yet I would not worry about the economic impact, said Holger Schmieding, chief European econo fossil outlet store online mist at Bank of America in London. This is not something to worry about. There are l fossil outlet store online ittle ramifications beyond the markets being immediately affected.

In Britain, the benchmark FTSE 100 Index lost 1.82 percent, while Frances CAC 40 fell 1.29 percent and Germanys DAX Index slid 1.53 percent.

The selloff was more pronounced in Asia, with indexes in Japan, South Korea, Singapore, Malaysia, India and Australia sliding more than 2 percent after Wall Street suffered its worst day Tuesday since the Sept. 11, 2001, terrorist attacks.

Japans Nikkei 225 stock index tumbled 2.85 percent to 17,604.12, while Philippine stocks plunged 7.9 percent, their worst drop since 1997, at the height of the Asian financial crisis.

But several Asian markets also trimmed big early losses as the day progressed, though analysts warned that markets would likely remain volatile for a while.

We dont need to worry about a big reduction from here, but this correction could continue for the next couple months, said Shinichi Ichikawa, an equity strategist with Credit Suisse in Tokyo.

Meanwhile, Chinas Shanghai Composite Index bounced back 3.9 percent to close at 2,881.07, rebounding from its 8.8 percent plunge Tuesday its biggest drop in a decade which triggered the global selloff.

Bullish comments in Chinas statecontrolled media appeared to reassure anxious domestic investors, who account for virtually all trading.

China will focus on ensuring financial stability and security, the official Xinhua News Agency cited Premier Wen Jiabao as saying in an essay due to be published in Thursdays issue of the Communist Party magazine Qiushi.

But many analysts cautioned against focusing only on Chinas role.

The selloff in equities can fossil outlet store online not be blamed wholly on China. This is case of the market flying too close to the sun, and the hot money collapsing, said Torben Krogh Nielsen, an analyst with Saxobank. Its a correction thats been seven months coming.

If theres a larger message behind all this, its that the era of cheap money is over and you cant blame China for that, concurred David Karsboel, head of market strategy for Saxobank in Copenhagen, Denmark.

Some investors used the drop as an opportunity to go bargainhunting. Malaysian stocks, after falling as much as 8.2 percent, closed down 3.3 percent. Australian stocks closed down 2.7 percent after falling as much as 3.5 percent.

Many Asian markets were due for a correction after their recent spectacular performance, analysts said.

Benchmark indexes in China, Australia and Singapore had all hit records in February. Before this weeks plunge, Malaysian stocks had gained 17 percent this year, while Philippine shares had climbed about 12 percent.

A lot of that exuberance about just buying anything at all costs just starts to evaporate if the market has big falls like this, said David Halliday, associate director at Macquarie Equities. I think the important thing to note is that this hasnt been triggered by an economic, financial or political crisis.

Japans Chief Cabinet Secretary Yasuhisa Shiozaki echoed that sentiment, trying to quell concerns about the Tokyo market by stressing that overall fundamentals in Japan were still strong.. fossil outlet store online