August 31, 1998, July the tenth (Tiger), the global stock market turmoil. before the end of August

1998 yen devaluation of the nightmare, the nightmare of the Hong Kong stock market in China under the double impact of the economic crisis in Southeast Asia and the international speculators. The end of August is the global investors' nightmare. August 27, Road - Jones industrial stock index plunged more than 350 points; August 31, the Wall Street blew, the Dow fell 512.61 points, closing at 7,539.07 points, the first time fell below 8000-point mark, and Japan fell more than 6%. Two crash, the Dow fell as much as 20%, Wall Street into a bear market pessimism. Cough (1 $ dj��.c��m)
Wall Street, stock markets around the world will be a cold. The end of August, the stock market fell almost across the board in Europe, Latin America, and Asia. Analysts believe that the economic crisis and political turmoil in Russia and Asia erode investor confidence.
U.S. Treasury Secretary Robert Rubin said, the U.S. economy is still in good condition. However, in today's global economic interdependence increasingly, the United States can not remain "an oasis of prosperity". In April, the IMF (L $ dj��.����T) president Michel Camdessus that the Asian financial crisis, the world economy may lead to a mild recession. 80 September of the organization in its assessment report reduced economic projections, is expected to be in 1998, the global economy will slow to growth of only 2%, the worst performance in seven years. The report pointed out that, in July 1997 in the Asian financial turmoil to continue spreading the impact on the Russian economy in August, which in turn would threaten Latin American countries. In September, (lssjt.cn) Americans feel the chill of recession. Thus, the Fed lowered the overnight bank lending rate by 0.25 percentage points to stimulate economic growth, and the subsequent two months, the Federal Reserve cut interest rates again, temperatures followed by warmer global stock markets.