After Thai Stocks Plunge, a Policy Shift Is Revised
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Alarmed by a one-day plunge of about 15 percent in the countryâs stock market, the Thai government stepped in to reverse some capital controls imposed a day earlier.
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Chinaâs stock market plummeted today after Beijing moved to impose higher taxes on trading activity.
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Asian markets plunged Wednesday after a steep drop on Wall Street overnight fanned investors' fears the U.S. economy was sliding into a recession
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Thai shares bounced back from their biggest sell-off in 16 years after the government scrapped controls on foreign stock buying, but the abrupt policy U-turn shattered confidence in its economic chiefs.
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The stock market plunged as investors were hit by fresh worries over declining consumer confidence, falling house prices, shrinking profits and uncertainty.
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Asian stocks tumbled anew on Friday after the latest salvo of sour signals about the U.S. economy pummeled Wall Street, sending the benchmark S&P 500 sprawling 3 percent lower to a 15-month nadir.
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Thailandâs central bank cut its benchmark interest rate for the fifth consecutive time this year to spur an economy blighted by slumping consumer confidence after last yearâs coup. The Bank of Thailand reduced its one-day bond repurchase rate to 3.25 percent from 3.5 percent. Lower interest rates may help the baht retreat from a 10-year high against the dollar, making exporters more competitive. âConsumption and investment remain weak,â said Usara Wilaipich, an economist at Standard Chartered Bank in Bangkok. âInflation is not a concern now because a slump in spending has curbed price increases.â
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Thailand's unexpected overnight military coup rattled Asian financial markets Wednesday and pressured the Thai baht and other regional currencies, though its economic repercussions remained unclear.
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Sobering expectations â foreshadowed on Sunday when management announced lower prices â weighed on the companyâs already drooping stock.
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Financial markets were hit hard by a disappointing jobs report.
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Business & money: Share price plunges after disappointing profits raising fears over America's economic slowdown
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European equity markets were mixed shortly after the opening on Wednesday following the military coup in Thailand, which sparked overnight losses in Asian markets.
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Prices on these highly rated stocks have plunged in the past month.
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U.S. stocks fell on Tuesday, hurt by a   drop in Internet stocks after Yahoo Inc. YHOO.O warned about   its quarterly outlook, and the Thai army seized power in the   country's first coup in 15 years.
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The market didn't react well to Cat's warnings about U.S. markets, but its overseas performance softens the blow.
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SYDNEY TODAY MARKS the 10th anniversary of the start of the Asian financial crisis. Thailand abandoned its costly policy of pegging the baht to the US dollar on July 2, 1997, and the subsequent chain reaction brought on the catastrophic collapse of the "Asian miracle," as Asia's years of stellar growth performance had been dubbed.
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It was a bad week for the stock market until Friday, and then it got much worse.