Asian Markets Hit By CIT News

The CIT (NYSE: CIT) bankruptcy news seems to be bothering stock markets in Asia too, in spite of optimistic market news from markets like China, Korea and Australia. A huge hit on export dependent business is being predicted. As US consumer spending decreased and sent the Dow Jones Industrial Average down by 2.5 percent, there is news about a imminent fall in European stock indices also.

While the South Korean index fell by 1.4 percent, the Hong Kong’s Hang Seng fell by 1.8 percent. Nikkei fell by 2.3 percent to the lowest in three weeks and reportedly was its the biggest fall. News from the Corporate world does not seem encouraging either, with Sony and Canon falling by 5.7 and 3.1 percents respectively and Nissan and Honda fell by 2 and 2.5 percents, in that order. However China seems to lead growth by about 8% this year when the Shanghai composite index outperformed its own losses by afternoon.