SINGAPORE (AP) -- Asian stock markets plunged Monday as government bank bailouts in the U.S. and Europe failed to alleviate fears of a global financial crisis that would depress world economic growth.

Investors took scant comfort from Washington's passage of a $700 billion bank bailout on Friday, focusing instead on a dismal U.S. jobs report that suggested the U.S. economy -- a vital export market for Asia -- could slide into a recession.

As the financial turmoil deepened in Europe, Germany on Sunday announced a bailout package totaling 50 billion euros ($69 billion) for Hypo Real Estate, the country's second-biggest commercial property lender, after a rescue plan by private lenders fell apart. The move was part of a scramble by European governments to save failing banks.

Across Asia, all markets were in the red. Tokyo's Nikkei 225 index fell to its lowest level in 4 1/2 years, sinking 4.25 percent to 10,473.09.

Hong Kong's Hang Seng index slid 4.3 percent to 16,927.87. Markets in mainland China, Australia, South Korea, India, Singapore and Thailand also fell sharply.

In Russia, the RTS stock index tumbled more than 7 percent in first 20 minutes of trading.