Word: asianized
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...financial crisis deepens, Asia has looked on nervously, but with little fear of getting dragged into the maelstrom. Asian financial institutions have generally avoided the kind of risky, subprime mortgage-related investments that have crippled financial firms in the U.S. and Europe. Fitch Ratings figures that at mid-year Asian banks accounted for only 6% of the total losses on subprime investments at the world's banks. (European banks, on the other hand, were responsible for 47%.) Even those financial institutions that carried some exposure - like Japan's Mizuho Financial Group, which has reported subprime-linked losses of more than...
...years ago, Asian bankers got a good finger-wagging from their American and European counterparts as the region's financial sectors melted down in a major crisis. Today, Asia has the right to do some finger-wagging...
This isn't to say that Asia hasn't been affected by America's financial woes. Asian stock markets, despite a recent rally, have tumbled in recent months on concerns over the state of the U.S. economy. Losses may also continue to mount as the financial crisis in the U.S. unfolds. Major Japanese banks, for example, have some $3 billion in exposure to Lehman Bros., which filed for bankruptcy last week. Individuals have also been hurt. In Hong Kong, hundreds of residents who purchased Lehman bonds held a protest on Sunday demanding the government help secure their investments...
...Sept. 19 gains were driven to some extent by bargain hunting. After tumbling about 45% from highs reached late last year, Asian stocks now trade at roughly 10 times 2008 earnings - which means they're relatively cheap. Although Asia's economic growth is expected to slow over the next 12 months, the region's financial systems and economies are still fundamentally sound, analysts say. Banks in Asia haven't experienced the dangerous losses on property and mortgages that are devastating their U.S. counterparts. To some, like Hugh Young, managing director at Aberdeen Asset Management Asia in Singapore, the sell...
...However, analysts warn that the markets aren't immune from further bad news and the uncertainty level is still high. Goldman Sachs in a note to investors this week said that Asian stocks are "getting interestingly cheap" but analysts "certainly do not pretend to have any real clarity on the near-term market outlook." The investment bank said "for now, most investors in Asia will continue to focus more on cutting risk and hedging positions rather than putting on substantial new risk." The wild ride in Asian markets isn't over...