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World markets plummet over fears of global financial crisis

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By GREG KELLER, AP Business Writer

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Financial stocks across Europe took a pounding for the second day running as the collapse of U.S. investment bank Lehman Brothers and credit downgrades of American International Group Inc., the world's largest insurer, stoked investor fears of wider financial and economic damage.

"My guess is that we haven't seen the bottom," said Tony Dolphin, director of economics and asset allocation at Henderson Global Investors in London. The markets "don't feel as panicky as yesterday," Dolphin said, but concerns remain about the crisis extending its reach from the financial sector to the wider economy.

Earlier, Asian stock markets plummeted, playing catch-up with other markets around the world after a holiday Monday kept Tokyo and Hong Kong bourses closed on the day Wall Street's landscape was dramatically changed.

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http://news.yahoo.com/s/ap/20080916/ap_on_...e/world_markets

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