Asian markets plunge despite bank bailouts

Asian stock markets plunged today as government bank bailouts in the US 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 $700bn (€515bn) bank bailout on Friday, focusing instead on a dismal US jobs report that suggested the US economy – a vital export market for Asia - could slide into recession.