Asian Traders Show No Confidence On Geithner

A dearth of specifics amid the $2 trillion bailout plan unveiled Tuesday in the United States made clear that the measure may not be a magic bullet to turn around financial markets.Overnight, investors dumped U.S. stocks on disappointment over the lack of details offered by Treasury Secretary Tim Geithner in a long-awaited speech on how the government plans to use the $350 billion remaining to be spent under the Troubled Asset Relief Program. (See "Where The Devil Are The Details?") The negative sentiment carried over to Asia Wednesday, dragging down financial stocks in particular. In Sydney, the S&P/ASX 200 benchmark closed down by 14.30 points, or 0.4%, to 3,474.40. The broader All Ordinaries index backslid by 0.3%, to 3,418.10. New Zealand's NZX 50 index declined by 19.82 points, or 0.7%, to 2,730.22. (other-otc: NABZY - news - people ) slipped by 5.0 Australian cents (3.3 cents), or 0.3%, to 18.70 Australian dollars ($12.22) and (other-otc: MQBKY - news - people ) lost 41 Australian cents (27 cents), or 1.7%, to 23.25 Australian dollars ($15.21). Commonwealth Bank of Australia actually rose, by 32 Australian cents (21 cents), or 1.1%, to 29.92 Australian dollars ($19.58), despite giving ...
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