Fears of a global recession sent markets plummeting around the world today, Bloomberg reports. Japan's Nikkei index nosedived 9.4%—its biggest fall since the stock market crash of 1987. Indonesia and Russia halted trading after their benchmark index dove 10%. Of 100 companies listed in Britain's FTSE 99 fell in early trading as news of a dramatic bank bailout failed to reassure investors.
A huge sell-off sparked by a spreading credit crisis has now wiped out over $5 trillion in Asian markets in under a week. "There's nowhere to hide as far as investing is concerned," observed a Malaysian asset manager. The "panic selling" continues, warned a Korean analyst. "The plans for propping up the markets aren't having an effect.''