Word: indexers
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Dates: during 1990-1999
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...billion in foreign reserves to fight off speculators and keep its highly valued currency pegged to the U.S. dollar at a rich 7.8-to-1 ratio. The gambit succeeded--but at a price: $42 billion of Hong Kong's storied wealth disappeared in short order as the Hang Seng index dropped 6% on Wednesday, then 10.4% on Thursday. The "red chips" of the Hang Seng, the stocks of mainland Chinese companies, were bled white. "This is a full-fledged, absolute crash," said Kent Rossiter, an investment adviser for Nikko Securities in Hong Kong...
...news was good enough to help break the follow-the-leader pattern of the world's stock markets today. Despite the Dow Industrial's 125-point slide on Wednesday, Hong Kong's Hang Seng index climbed a solid 260.92 points, to 10,623.78, today, or about 2.52%. In Japan, the Nikkei 225 was up 94 points, to 16,458.94. Australia and New Zealand also were up. In Indonesia, the Jakarta Composite was down slightly as traders waited for details on the restrictions imposed by the aid package, including what the New York Times called "wide-ranging austerity measures...
HONG KONG: For what may well be a fleeting moment, all's well in the global marketplace. Hong Kong's Hang Seng index roared Wednesday, wiping out the losses of Tuesday's devastating crash and surging 18.82 percent ? its biggest gain ever. This came on the back of a similarly record-breaking day on Wall Street. "The world finally got what it wanted," TIME Wall Street columnist Daniel Kadlec said. "Somebody to stand up and stop the dominoes...
Hong Kong's Hang Seng index fell 7 percent, as foreign markets also fell yesterday...
...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...