http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/world_markets;_ylt=AlNQhKIGoYXsYAUUp0xz0K.s0NUETOKYO - Asian stock markets plummeted Tuesday as the collapse of Lehman Brothers and takeover of Merrill Lynch spurred fears of an imminent global financial crisis.
European markets extended losses in early trading after falling sharply Monday.
Tokyo's Nikkei 225 index sank nearly 5 percent to 11,609.72, its lowest close since July 2005, while Hong Kong's blue-chip Hang Seng Index shed 5.4 percent to its lowest point in nearly two years. Both markets — Asia's two biggest — had been closed for holidays on Monday, when news first broke about the turmoil on Wall Street that has dramatically changed its landscape.
"Today was a bloodbath," said Alex Tang, head of research at Core Pacific-Yamaichi, who noted that trading volume was its highest in months. "This was panic selling ... They are dumping shares, they just want to liquidate their positions."
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