Asia Stocks Slump As US Faces Fiscal Crunch
The country's international creditors have demanded that the bill and the 2013 budget, due to be voted on Sunday, pass before they consider releasing an already delayed â¿¬31.5 billion installment from Greece's â¿¬240 billion bailout. Without it, Greece will run out of money on Nov. 16.
Also being watched by investors is Thursday's opening of China's Communist Party congress â¿¿ the once-in-a-decade forum to name China's top leadership. Markets will be looking for hints on how the new leadership plans to tackle the nation's economic slowdown.
Wall Street saw its sharpest sell-off of the year. The Dow Jones industrial average plunged 2.4 percent to 12,932.73. The Standard & Poor's 500 index fell 2.4 percent to 1,394.53. The Nasdaq composite index lost or 2.5 percent to 2,937.29.
Benchmark oil for December delivery was up 40 cents to $84.84 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $4.27 to close at $84.44 a barrel in New York on Wednesday.In currencies, the euro fell to $1.2763 from $1.2767 late Wednesday in New York. The dollar slipped slightly to 79.88 yen from 79.90 yen.
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