10/30/2008 05:12 am ET Updated May 25, 2011

Asia Markets Plummet, Global Markets Brace For Big Selloff

Global stock markets braced for a sharp declines on Tuesday, with Asian markets opening sharply lower, after the House's rejection of a $700 billion financial bailout sparked a broad selloff in the US.

Japan's Nikkei stock average fell 5 percent Tuesday, hitting its lowest level this year, following the Dow Jones Industrial Average's 7 percent plunge. Markets in Seoul and Sydney also dropped.

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