February 18, 2009

Asian stock markets fell sharply Tuesday, with benchmarks in Hong Kong and South Korea down about 4 percent, as renewed financial fears sent banks across the region tumbling. European shares slid in early trade.

Every major Asian market retreated with the previous day's news that Japan's recession deepened amid the global economic downturn still weighing on investors. Crude oil prices fell below $37 a barrel, though the dollar strengthened against the yen and the euro.Banks and insurers were in the spotlight amid concerns there was more pain ahead for the global financial industry.