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Shares slide amid bail-out fears Shares slide amid bail-out fears
(about 1 hour later)
Shares in Asia were trading lower amid uncertainty about the impact of the massive US financial bail-out plan.Shares in Asia were trading lower amid uncertainty about the impact of the massive US financial bail-out plan.
The falls came after a sharp drop in the US, where officials have been discussing the $700bn (£382bn) rescue plan with politicians.The falls came after a sharp drop in the US, where officials have been discussing the $700bn (£382bn) rescue plan with politicians.
India's BSE index fell 1.95% in early trade while Hong Kong's HSI shed 2.7%, and Sydney fell some 2%.India's BSE index fell 1.95% in early trade while Hong Kong's HSI shed 2.7%, and Sydney fell some 2%.
Doubts over the speed at which the bail-out can be introduced have emerged from both Democrats and Republicans.Doubts over the speed at which the bail-out can be introduced have emerged from both Democrats and Republicans.
Meanwhile the White House says Congress must back the plan to stop wider economic harm.Meanwhile the White House says Congress must back the plan to stop wider economic harm.
Many politicians appear alarmed by the scale and implications of the global financial crisis.Many politicians appear alarmed by the scale and implications of the global financial crisis.
Until Lehman brothers collapsed, Japanese financial institutions were pretty confident BBC's Chris Hogg in Tokyo Global reaction to financial turmoil
While most are anxious to find bi-partisan ways of getting behind the bail-out, others are critical of what they see as a waste of taxpayers' money, correspondents say.While most are anxious to find bi-partisan ways of getting behind the bail-out, others are critical of what they see as a waste of taxpayers' money, correspondents say.
Oil surgeOil surge
China's Shanghai Composite index fell almost 1% in early trading. The Japanese market was closed because of a national holiday.China's Shanghai Composite index fell almost 1% in early trading. The Japanese market was closed because of a national holiday.
In the US on Monday, the Dow Jones index closed 372.75 points, or 3.3% lower, wiping out the gains made during Friday's rally.In the US on Monday, the Dow Jones index closed 372.75 points, or 3.3% lower, wiping out the gains made during Friday's rally.
Banking shares were particularly hard hit, as many investors switched to commodities such as oil and gold. Oil recorded its largest-ever one-day gain on Monday.Banking shares were particularly hard hit, as many investors switched to commodities such as oil and gold. Oil recorded its largest-ever one-day gain on Monday.
The share falls came as US lawmakers held talks with the administration on the proposed bail-out.The share falls came as US lawmakers held talks with the administration on the proposed bail-out.
It allows Treasury Secretary Henry Paulson to set up a fund to buy back much of the bad debt held by US banks and financial institutions.It allows Treasury Secretary Henry Paulson to set up a fund to buy back much of the bad debt held by US banks and financial institutions.
With the immediate sense of imminent collapse now passing, dissenting voices are beginning to emerge, says the BBC's Kevin Connolly in Washington.With the immediate sense of imminent collapse now passing, dissenting voices are beginning to emerge, says the BBC's Kevin Connolly in Washington.
Contentious issues include limiting compensation for executives of rescued firms, wider help for American homeowners at risk of losing their homes and demands for oversight.Contentious issues include limiting compensation for executives of rescued firms, wider help for American homeowners at risk of losing their homes and demands for oversight.
"The Bush Administration has called on Congress to rubber stamp its bail-out legislation without serious debate or efforts to improve it," said US Senate Majority Leader Harry Reid. "That will not happen," he said."The Bush Administration has called on Congress to rubber stamp its bail-out legislation without serious debate or efforts to improve it," said US Senate Majority Leader Harry Reid. "That will not happen," he said.
Richard Shelby, a senior republican on the Senate Banking Committee, also hit out at the plan.Richard Shelby, a senior republican on the Senate Banking Committee, also hit out at the plan.
"It would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted," he said."It would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted," he said.
President George W Bush has warned that "failure to act would have broad consequences".President George W Bush has warned that "failure to act would have broad consequences".
Both Mr Paulson and Federal Reserve Board Chairman Ben Bernanke are scheduled to testify before the Senate Banking Committee on Tuesday.Both Mr Paulson and Federal Reserve Board Chairman Ben Bernanke are scheduled to testify before the Senate Banking Committee on Tuesday.