Asian stocks plunge on fears of global recession

TOKYO (AP) — A meltdown in confidence strangled Asian stock markets Wednesday on accelerating fears that the widening financial crisis could spawn a global recession.

After a miserable day on Wall Street when the Dow Jones industrials lost more than 500 points, investors from Tokyo to Mumbai, Seoul to Sydney dumped shares in a broad regional sell-off.

Anxious investors in Tokyo sent shares into a free-fall, with the benchmark Nikkei 225 stock average plunging 9.4 percent — its biggest drop in 21 years — to 9,203.32, a five-year low.

Royal Bank of Scotland down 39%

European stocks fell for a second day as concern that financial firms may need more capital overshadowed speculation central banks around the world will reduce borrowing costs. U.S. index futures and Asian shares declined.

MSM: CNN – World stocks get hit

	Oct 6 7:06am†	Change	%Change	Level
	FTSE 100	-272.96	-5.48%	4,707.29
	XETRA-DAX	-322.07	-5.56%	5,474.96
	CAC 40	-250.71	-6.14%	3,830.04
	HANG SENG	-878.64	-4.97%	16,803.76
	NIKKEI 225	-465.05	-4.25%	10,473.09
	U.S. Dollar vs Euro	-0.0037	-0.27%	1.3592
	U.S. Dollar vs Yen	-1.8100	-1.72%	0.0097
	U.S. Dollar vs UK £	-0.00	-0.18%	1.76