Asian stocks and U.S. index futures slumped as the Obama administration warned that some banks will need more government aid and bankruptcy may be the best option for General Motors Corp. and Chrysler LLC.
Japan's Nikkei 225 Average tumbled 390.89 points, or 4.5% to 8,236.06.
In Hong Kong, the Hang Seng Index collapsed 663,17, or 4.7%, to 13,456.33
Mizuho Financial Group Inc., Japan’s second-largest listed bank, lost 8.8% after Goldman Sachs Group Inc. told investors to sell the shares. BHP Billiton Ltd., the world’s No. 1 mining company, dropped 4.3% in Sydney after oil and copper prices fell.
Esprit Holdings Ltd., a clothing retailer, slid 6% in Hong Kong after a newspaper reported the company’s chief executive officer will step down. Alesco Corp., which makes building materials and home products, soared 22% in Sydney after saying it’s considering selling a unit.
The 30 members of the Organization for Economic Cooperation and Development are likely to see their economies contract by 4.2% this year, the group’s Secretary General Angel Gurria said on March 27.
Japanese industrial production fell 9.4% in February from the previous month, the longest streak of declines since 2001, government data showed today.
Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender by value, lost 7.4%. National Australia Bank Ltd., Australia’s largest by assets, declined 1.4%
Kawasaki Kisen Kaisha Ltd. plunged 8.6%. Mitsui O.S.K. Lines Ltd., Japan’s second-biggest bulk shipper, lost 7.5%.
CHINA
Aluminum Corp. of China Ltd. tumbled 12% after saying profit plunged. China Petroleum & Chemical Corp., Asia’s biggest refiner, slipped 5.8% on a slump in profit.
Elsewhere:
China’s Shanghai 300 Composite Index gave back 14.44 points, or 0.6% to 2,484.49
Singapore’s Straits Times Index lost 72.52 points or 4.2%, to 1,673.14
South Korea’s Kospi Composite Index skidded 40.05 points, or 3.2%, to 1,197.46
Taiwan’s Taiex Index dumped 184.65 points, or 3.4%, to 5,206.05
New Zealand’s NZX Index fell 11.49 points, or 0.4% to 2,641.99
Australia's S&P/ASX 200 index subtracted 67.90 or 1.9%, to end the day at 3,604.40
