Asian Markets Slump On U.S. Economy Woes, Lower Corporate Profits

On the first day of the trading week, Asian markets slipped after a horrendous fall on Wall Street Friday over slumping corporate profits – particularly reports that signalled GE’s lower than expected Q1 profits.

Also weighing on global markets is the state of the U.S. economy, and the question if indeed it is nearing a recession, as former Fed chief Alan Greenspan and others would have market participants believe.

In Tokyo, Japan’s Nikkei 225 index dropped  3.1% to finish the day at 12917.5. In mainland China, the Shanghai Composite Index, which has been adding volumnously the last couple of years plunged 5.6%. And Hong Kong’s Hang Seng blue chip closed 3.47% lower at 23811.20 points, reports the online edition of the Wall Street Journal.