Asia jittery after US bailout reject

Even before the vote by US lawmakers on the $700 billion bailout plan, Asian and European markets had fallen on fears the crisis was spreading, while US regional lender Wachovia became the latest big bank to succumb to the crisis.Retail investors from Tokyo to Melbourne kept nervous vigil over their investments and some dumped shares on Tuesday following the shock rejection of the US bailout plan, which sent global equity markets tumbling.

In Japan, the Nikkei fell more than four percent to a new low for the year, following a rout in the US, Latin American and European stock markets earlier, as investors sought refuge in cash and safer investments, such as gold and government bonds.
In Australia, stocks fell more than five percent in early trade as brokerages scrambled to deal with spooked investors looking to cut their losses given the bleak outlook.