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Markets fall after Obama sets out new bank rules
Stock markets have fallen sharply in response to far-reaching plans by US President Barack Obama to curb the activities of the biggest US banks.
The Dow Jones closed down 2%, its worst fall since October, while Japan's Nikkei closed at a three-week low.
Shares in major US banks Goldman Sachs and Bank of America all fell.
Mr Obama - who said he was "ready for a fight" with banks - plans to limit the size of banks and impose restrictions on risky trading.
"Never again will the American taxpayer be held hostage by banks that are too big to fail," Mr Obama said.