MSM: Asian markets plunge on fears crisis is spreading

SINGAPORE – Asian stock markets plunged Monday as government bank bailouts in the U.S. and Europe failed to alleviate fears of a global financial crisis that would depress world economic growth.

Investors took scant comfort from Washington’s passage of a $700 billion bank bailout on Friday, focusing instead on a dismal U.S. jobs report that suggested the U.S. economy — a vital export market for Asia — could slide into a recession.