HONG KONG: Asian stock markets dropped today following a steep sell-off on Wall Street. Investors reacted with skepticism to the U.S. government's latest plan to rescue the ailing financial industry with as much as $2 trillion.
One analyst says not even the colossal amounts of money announced in the U.S. are likely to make up the funding shortfall created by risky loans and other distressed assets the banks are holding.
Japan's markets were closed for a holiday while all other major Asian indexes fell. Further weighing on the region were figures showing China's exports plunged 17.5 percent in January -- the sharpest drop in more than a decade -- amid the global slowdown. Wall Street futures were up modestly, suggesting U.S markets could recover some at the open.
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