Is The Market Melting? Asian Equity Markets Down 3%-7%; India down 13%-19%

Right now, I am watching the CNBC European feed and they just said that the Asian Equity Market is having its worst losses since September 2001.

European Markets are also down...

I am ripping and reading as we speak.

By Louise Heavens

SINGAPORE (Reuters) - Stocks extended their drop on Monday, with Tokyo shedding just under 4 percent after a proposed U.S. stimulus package did little to soothe fears the U.S. economy will tip into recession, prompting a flight to less risky government bonds.

Worries about the world's top economy kept the dollar within striking distance of a near three-year low against the yen as investors unwound risky currency carry trades, while the euro and sterling also fell.

European stock markets are expected to open lower, with financial bookmakers in London forecasting Britain's FTSE 100, Germany's Dax and France's Cac-40 forecast to open 0.5-1 percent lower.

Reuters Link

Stock markets across most of Asia fell Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession.

Yahoo Finance Link

$ = $106.10

China looses big on US Subprime

Bank of China to Take Big Hit on Subprime -Paper
Mon Jan 21, 2008 3:00am EST
By Kennix Chim and Eadie Chen

HONG KONG/BEIJING (Reuters) - Bank of China (3988.HK: Quote, Profile, Research) might post a 2007 loss because of a big write-down on billions of dollars of U.S. subprime-related investments, a newspaper reported on Monday, sending shares in the lender tumbling.

Quoting unidentified sources, the South China Morning Post said Chinese banking regulators had warned the country's leadership that Bank of China and two other state banks would make provisions for all their assets hit by U.S. mortgage defaults.

The report heightened growing concerns about China's exposure to the subprime crisis, which has hammered earnings of major European and Wall Street banks, prompting steep share falls and capital injections to shore up balance sheets.

Reuters