Asian stock markets plummet as international crisis looms

Asian stock markets have plummeted overnight following carnage in the US and European markets amid fears the world was heading towards another financial crisis.

European leaders have called an urgent meeting after a disastrous day on the markets yesterday.

Last night the markets on Wall Street closed having suffered the worst one-day drop in almost three years.

European stock markets also fell sharply yesterday.

European Commission President José Manuel Barroso has warned that Europe's sovereign debt crisis is threatening to engulf Italy and Spain.

Partner with Checkrisk Nick Bullman said: "A political resolution will no longer work - you have to have action.

"That means taking a stand behind the euro by increasing the European Stability Fund and recognising the world is in crisis."