Asian stocks fell yet again today as the subprime mortgage crisis continued to reverberate across global markets. The latest dip came when E*Trade Financial Corp and Bank of America announced the credit crisis was hurting earnings, Bloomberg reports. The biggest fear is that the rising cost of credit will halt consumer spending and trigger a global slowdown.
All the Asian benchmarks slid. Mitsubishi UFJ, Japan's largest bank, dropped 2.9% for its biggest loss in a month. Mizuho Financial Group Inc., the No. 2 lender by assets, tumbled 5%. "The market will be jittery,'' said one Tokyo-based fund manager. "There are signs US consumer spending is weakening.''