Asian stocks tumble after Wall Street sell-off - News, Weather, Sports, Toledo, OH

Asian stocks tumble after Wall Street sell-off

HONG KONG (AP) - Asian stocks have followed Wall Street's lead and tumbled today.

Tokyo's Nikkei fell more than 11 percent, it's biggest 1-day drop since the stock market crash of October 1987.

South Korea's main index dropped 9.25 percent after Standard & Poor's said it may downgrade the credit ratings of 7 of the country's major banks. The ratings agency warned the credit crisis could make it difficult for the companies to refinance maturing debt.

Other key indexes were also deeply in the red. Hong Kong's Hang Seng rallied a bit toward the end of trading but still finished down nearly 5 percent.

Japan's prime minister is blaming the renewed drop in markets on the U.S. bailout plan. He told lawmakers the $700 billion rescue is "insufficient."

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