Asian stocks fall 580 points within first 10 minutes of trading! (They just started trading)

Now Asia is reacting to the shock, and in early trading on Tuesday, the Tokyo Stock Exchange's Nikkei-225 index fell almost 580 points to 11,163.74, a loss of 4.94% of its value in a matter of minutes. Hong Kong's Hang Seng index dropped 5.47% in the first 10 minutes of trading. Australia and New Zealand saw similar precipitous losses, with the S&P/ASX-200 index shedding 5.3% in Sydney and a 4.7% fall in Wellington. World leaders expressed concern at the effect of the US vote. "It will have a big impact on the US economy, and it will also greatly affect the global economy," said Japanese Economics Minister Kaoru Yosano. Australia's Prime Minister Kevin Rudd said he had spoken to his British counterpart Gordon Brown and they agreed to urge the US Congress to reverse Monday's decision "The attitude that we will adopt... is to urge the United States Congress to pass this or a similar measure when it is represented to the Congress later this week," said Mr Rudd. Earlier, Brazilian President Luiz Inacio Lula da Silva accused the US and other wealthy nations of financial irresponsibility that could jeopardise the economic progress made in recent years by developing countries. Brazil's Ibovespa stock index dropped 9.4% on Monday.

Source

Looks like the U.S. isn't the only country suffering ... so for all of you who think moving out of the country will solve your problem it won't. This is real and effects the world ... I just wonder what the U.S. will do with all of this outside pressure closing in on them too..

[edit on 29-9-2008 by baseball101]

[edit on 29-9-2008 by baseball101]