Asian Stocks Close Sharply Lower Monday

Asian stocks closed sharply lower Monday, stocks in Europe were posting major declines, and futures in the U.S. look set to open down as worries increase over the spread of a global economic crisis.

The Nikkei 225 stock average in Japan closed down 4.25% to 10,473.09, a four-and-a-half year low. The Hang Seng index in Hong Kong closed almost 5% lower, the S&P/ASX index in Australia fell 3.3%, and the Shanghai Composite in China finished 5.2% to the downside.

European governments scrambled to work out rescues for ailing financial institutions. ...