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Asian stocks plunge in early tradingAsian stocks plunge in early trading |
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 HONG KONG (AP) -- Asian markets tumbled on Thursday as Hong Kong stocks fell more than 4 percent and Chinese stocks were down 6.5 percent amid mounting worries over the likely impact of a U.S. recession on China's own booming economy. The benchmark Shanghai Composite Index was trading at 3,561.06 by late morning Thursday, down 6.5 percent to 3,516.33. Hong Kong's blue chip Hang Seng index fell 4.4 percent to 20,896.14 after the market opened Thursday. |
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Federal Reserve slashes US rates |
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The Federal Reserve has cut US interest rates sharply in an attempt to restore confidence to nervous financial markets and boost the ailing economy. The central bank lowered rates to 2.25% from 3%, but the cut was smaller than financial markets had expected. |
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China premier attacks Dalai Lama |
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The Dalai Lama's claim of "cultural genocide" in Tibet is nothing but lies, Chinese Premier Wen Jiabao has said. Speaking at the close of parliament, Mr Wen accused the exiled Tibetan leader of instigating recent violence in Tibet's main city, Lhasa. |
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