This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Asian Stocks End Lower; Nikkei Plunges 6.9%

Stocks in this article: SNE BHP RTP

Updated from 12:39 a.m. EST

Asian markets plunged Thursday as Japanese stocks fell after a steep decline on Wall Street and government data showed that Japan's exports suffered a brutal drop in October.

Japan's Nikkei 225 stock average finished down 6.9% to 7,703.04.

Japan posted a trade deficit in October, the second in three months, as exports fell 7.7% from a year earlier, the biggest drop since 2001. Earlier this week, figures revealed Japan had slid into a recession in the third quarter, joining Hong Kong and the euro zone in posting two straight quarters of economic contraction.

Exporters, such as Sony (SNE) and Nintendo, traded to the downside. Financial stocks also finished lower.

Isuzu Motors fell 17% after the truck maker said it will cut 1,400 contract workers as it scales back production for this fiscal year. Isuzu was the latest Japanese carmaker to announce production cuts.

The Hang Seng index in Hong Kong closed down by 4%, while the S&P/ASX 200 index in Australia declined 4.2% as weakening commodity prices dragged down resource companies such as BHP Billiton (BHP) and Rio Tinto (RTP). At 3,352.90, the Australian benchmark is at its lowest since May 2004.

Oil prices fell below $53 to almost a two-year low Thursday in Asia as investors priced in lower crude demand from the global economic downturn. The price of a barrel of crude fell $1.12 to $52.50.

Stocks in Europe were lower. The FTSE 100 index in London declined 2.1%, while the DAX in Frankfurt dropped 2.7%.

Stock futures in the U.S. were indicating wide losses when Wall Street opens on Thursday. S&P 500 futures were down 9.70 points to 802.80, and were 55.28 points below fair value. Nasdaq futures declined 15.25 points to 1077.25, and were 79.20 points below fair value.

U.S. stocks on Wednesday took a late-day plunge to settle with massive losses, as record-setting declines in housing and consumer prices wreaked havoc on the major averages.

The Dow Jones Industrial Average sank 427.47 points, or 5.1%, to 7997.28, and the S&P 500 fell 52.54 points, or 6.1%, to 806.58. The Nasdaq tumbled 96.85 points, or 6.5%, to 1386.42. All 30 of the Dow's component stocks finished with losses as the index closed below the 8000 mark for the first time in more than five years.

Copyright 2008 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,090.33 +8.45 0.41%
NASDAQ 4,810.3630 +36.8910 0.77%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs