Word: seng
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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...
...stocks. "Let the peg go," says TIME Asia correspondent John Colmley, "and the basis of the Hong Kong economy collapses." Even $85 billion may not be enough to defend it, he warns, if currency vultures like George Soros move in. So hang on to your seat belts: Messrs. Hang Seng and Dow Jones could be in for another one of their bumpy rides...
Hong Kong's Hang Seng index fell 7 percent, as foreign markets also fell yesterday...
...rich U.S. multinationals should keep the street-sweepers at bay--at least for a little while longer. "Nobody's out of the woods just yet," Kadlec warns. "There are fundamental problems in the Asian economies that haven't gone away, and that are not going anywhere. But the Hang Seng, for one, has dropped so low in the last week that there are plenty of good opportunities...
...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...