Source:
Channel News AsiaHONG KONG - Asian markets tumbled Monday as a heavy loss on Wall Street at the end of last week was compounded by the bankruptcy of US bank CIT at the weekend, hitting confidence for a global economic recovery.
Tokyo lost 2.31 percent, Sydney 2.21 percent and Seoul 1.37 percent as dealers went into selloff mode. Hong Kong lost 0.61 percent, after having been almost three percent lower at one point.
Stocks had bounced on Friday after the US announced it had moved out of its worst recession in decades.
But sentiment in New York was soon crushed, sending the Dow 2.51 percent down before the weekend.
And on Sunday CIT Group, one of the largest small-business lenders in the United States, filed for Chapter 11 bankruptcy -- the fifth biggest in US history.
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The only reason our futures are up is because the dollar got hit again.