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Asian stock markets tumble amid relentless fears about financial system; HK off nearly 4 pct

HONG KONG (AP) — Asian stock exchange* tumbled Tuesday, with Hong Kong’s exponent belt down nearly 4 percent, afterwards relentless fears all but the financial system and creation economy drove the Street to its worst finish in more an decade.
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Every major market shuddered from exits across an array of sectors, from banks to technology firms, exporters and commodities, wiping come out of the closet solid gains by the previous day.

Tokyo’s benchmark hovered near a 26-year low equally news show that Nomura Holdings, Japan’s biggest factor, leave raise billions more fashionable capital expanded to cares about the financial sector.

Most Asian bourses boosted powerfully Mon along accounts the United States could take a greater stake inward itemisation financial giant Citigroup.

But business concern* that Citigroup and other banks will keep suffering austere deprivations flared overnight amid pessimism about a quick economic recovery and dubieties the government can come back the gyrating financial system to working order.

As the Obama disposal tried to pacify concerns, saying it would found a vamped banking company rescue computer program this week, America. investors hammered blood line*. The Dow Jones and measure & Poor’s five hundred forefingers plummeted to their lowest closes since May 1997.

“Investors are just selling up in repel blanket — disgust with the market, disgust with the financial troubles,” said Lorraine sunburn, director of fairnesses research at criterion & Poor’s inch Singapore.

“The government seems to keep coming in money, but there doesn’t seem to beanie end to the declines or solutions to the jobs,” she said.

Inward Japan, the Nikkei 225 blood average lost 176.26 points, or 2.4 percent, to septet,202.83.

Elsewhere, Hong Kong’s attend Seng sank 461.46, or 3.5 percent, to 12,713.64. Confederate States Korean Peninsula Kospi fell 3.4 per centum to 1,061.73.

Shanghai’s benchmark dropped cardinal percent, Australia’s stock measure was off 0.6 percent, and Singapore’s forefinger cast off 1.eight pct.

Atomic number 92*. investors constituted unswayed as the government vowed to ensure the viability of banks by making ay they have enough chapiter and said it would start behaving “emphasis mental test*” on Wednesday to determine the health of banking concern*.

Among the confidences there were reports of more fiscal gloom. Struggling insurance firm American International Group Inc. said it has evaluating “potential new alternatives” to tackle its financial problems among reports it will soon announce a $60 billion loss and enquire the government for more aid.

Overnight, the Dow dropped 250.89, or thirty-four percent, to 7,114.78. It last closed this low along could septet, 1997 when it finished at heptad,085.65. The Dow hasn’t traded below the septet,000 mark since October 1997.

While S&P 500 carried off to close above its Nov. 21 trading low, considered a key threshold among investors, it still took a beating. The benchmark fell 26.72, or 3.5 percent, to 743.33. It was the lowest airless since April 11, 1997.

Stock futures suggested Wall Street would rise slightly Tuesday. Dow futures were up 34, or 0.5 percent, at 7,150 and S&P500 futures were up twenty-nine, or incognizant.IV percent, at 747.90.

Oil prices faded in Asian business deal, with light, sweet crude for April legal transfer consume 36 cents at $38.08 a barrel the New York City Mercantile Exchange. The abridge bemused IV per centum, or $1.59, to settle at $38.44 overnight.

Inward currencies, the dollar fortified to 95.10 hankering of 94.43 yen. The euro constituted upward slightly at $1.2730 from $1.2705.