Global rout just begun Hang Seng down almost 2000 points tonight

Monday, January 21, 2008

Global rout just begun

In Asia, investors too sold off stocks yesterday, carrying through from last week's concern on Wall Street that a $US150 billion ($174 billion) fiscal stimulus proposed by President George W. Bush would not be enough to stop a US recession.

To heighten fears of global financial doom, the IMF warned overnight the global financial outlook is dire.

The IMF Managing Director Dominique Strauss-Kahn said overnight all developed countries were suffering from the slowdown in the US putting the world economy in a serious situation.