Hong Kong financial authorities said today they are investigating Swiss bank UBS over possible misconduct related to the Asian financial centre’s benchmark interest rate.

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.

Japan’s Nikkei index tumbled nearly 7% today as Asian markets plunged over spreading pessimism about the world economy.

European stock markets dropped today after Japan’s Nikkei tumbled more than 11% overnight amid mounting anxiety that the world economy is plunging into a deep and protracted recession.

European stock markets dropped today after Japan’s Nikkei tumbled more than 11% overnight amid mounting anxiety that the world economy is plunging into a deep and protracted recession