Stocks Fall in Asia after US Bailout Failure
Japan's Nikkei stock index fell almost 5% today in early trading, just hours after the US House of Representatives voted down the $700 billion Wall Street bailout plan and the DJI fell a record-breaking 777 points.
It came after a day of turmoil in the US and Europe, with Wachovia, the fourth-largest US bank, being bought by larger rival Citigroup, Benelux banking giant Fortis being partially nationalised three governments, and the UK lender Bradford & Bingley being nationalised as well.
Now Asia is reacting to the shock, and in early trading on Tuesday, the Tokyo Stock Exchange's Nikkei-225 index fell almost 580 points to 11,163.74, a lost of 4.94% of its value in a matter of minutes.
Australia and New Zealand saw similar precipitous losses, with the S&P/ASX-200 index shedding 5.3% in Sydney and a 4.7% fall in Wellington.