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Hong Kong's Hang Seng index fell 7 percent, as foreign markets also fell yesterday...
...Trouble started early on Wall Street when traders grew worried about a 6 percent decline in Hong Kong's Hang Seng index Monday. The Asian economic crisis, which started the Hong Kong avalanche, spread to Latin America and continued to put severe pressure on European and American markets...
...addition to Asian currency woes, U.S. investors will have some important economic indicators to keep an eye on this week. Chief among them is Tuesday's key third-quarter employment cost index...
...Meanwhile, on the other side of the world: There were rumblings in Asia, and it had nothing to do with the dim sum. While Wall Street paraded record profits, in Hong Kong the sky was falling. Efforts to prop up the currency rocked the Hang Seng index, and the effect was more catastrophic than any galactic collision. By Friday, the Dow was as bitten as a Marv Albert chew-toy. Looks like George Soros has a lot more to answer...
...fallout continues. Once again, dour comments by Federal Reserve chief Alan Greenspan on the state of the U.S. economy have touched off a world-wide spate of panic selling, reports Money Daily. Southeast Asian markets were the most affected, with Hong Kong's Hang Seng index dropping 4 percent and Japan's Nikkei falling nearly 250 points. The bulls were equally spooked in Europe - Germany's DAX and Britain?s FTSE were sinking slowly early Thursday. All this on the back of Greenspan expounding a very simple economic truism: higher employment means higher wages and higher prices. What on earth...