Markets tumble as recession fears heighten

Asian stocks tumbled for a second day, with South Korea’s market sinking more than 8%, as a barrage of downbeat company forecasts deepened fears of a global recession.

Every major regional benchmark was in the red. Japan’s Nikkei 225 stock average lost 558, or 6.4%, to 8,120 points, extending further losses of almost 7% a day earlier. Hong Kong’s Hang Seng Index was down 5.7% at 13,448.