Asian markets plunge amid fears of US recession

Asian stocks tumbled today as traders took their cues from Wall Street, where persistent worries about a possible US recession caused another decline in share prices on Friday.

India’s benchmark stock index dropped 4% in the first 10 minutes of trading and Hong Kong’s market sank 4.7% by midday local time. US stock index futures also were down, suggesting that shares could drop again when the market opened later in New York.