Asian Markets Drop

By: Associated Press
By: Associated Press

BANGKOK (AP) -- Asian stocks tumbled today on downbeat comments from major U.S. banks and mounting woes at American auto giants.

The fall underlined that recent optimism about economic recovery might be premature.

Data showing a dip in U.S. personal incomes and a slowdown in personal spending were reminders that the world's largest economy and its banking system remain troubled.

Investors in Asia were also unnerved by reports that the chief executives of JP Morgan Chase & Co. and Bank of America Corp. both said business conditions had got tougher since they reported being profitable for January and February.

In Tokyo trade, shares of automakers fell after the White House said ailing automakers General Motors and Chrysler had not submitted acceptable plans to receive billions more in bailout money.

Stock futures point to more losses today on Wall Street.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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