ASIA MARKETS: Shanghai Drops As Trading Resumes, While Tokyo Dives

[Purveyor]

Source: Dow Jones

Asian markets tumbled Monday amid concerns about a raging global financial crisis. Japanese shares were down sharply -- with banks falling hard, and Sony Corp. moving below a five-year low -- and Shanghai-listed stocks dropped as trading resumed after a week-long holiday.

"The fact that the has gone through hasn't seen a freeing up of the credit markets, and because that hasn't happened, people are wondering what else the government can do now," said Andrew Sullivan, a sales trader at Main First Securities in Hong Kong.

In Tokyo, the Nikkei 225 Average slumped as low as 10,538.33 during the session to its lowest level since May 2004. The benchmark was recently down 3.6% at 10,544.33, taking losses into a third straight session, while the broader Topix index fell 4.1% to 1,005.53.

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The decline came in spite of the passage into law of the $700 billion U.S. financial rescue package last week, as investors worried about the spread of the global crisis to Germany.

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[DJ13]

1. The rest of the world had better stop waiting for the US to bail them out

Its time their governments worked on bailing out their own economies instead of sitting on their hands waiting for a bailout from us.

[HeresyLives]

2. 'Pottery barn rules'

I believe it's called.

[DJ13]

3. They'll be broke before we could ever spend enough to solve it

True it WAS financial instruments created by US investment firms that caused this mess, but they had better not wait for a bailout from us if they want to save themselves.

[stillcool]

4. How could they expect the United States..

to bail them out, when they own such a large chunk of the United States?

[Neshanic]

5. Nikkei now 10,440 with closing coming up soon.

[Neshanic]

6. And in the home stretch, could the Nikkei be down 500? Just a smidge to go...

[anakie]

7. four percent down in Australia

about 5 mins before closing.


Peace

[AllyCat]

8. Way to go Neocons and Dem accomplices!

You have solved nothing and have not averted global financial crisis. And here we stand holding the bill. Can we return this to the store? It doesn't work.