Updated from 12:59 a.m. EDTAsian markets recovered from earlier losses Tuesday after Australia's central bank cut its benchmark interest rate by one percentage point to 6.0%, leading investors to hope for a coordinated worldwide cut in rates. In Australia, the S&P/ASX 200 closed 78.30 points higher, or 1.7%, to 4618.70. Australia's cut in interest rates was its biggest reduction since a recession in 1992. Japan's Nikkei 225 stock average fell below 10,000 intraday for the first time since December 2003, following the lead of the U.S. market which suffered deep losses on Monday. The Nikkei closed down 3% to 10,155.90, its fourth-straight day of losses. The Bank of Japan voted Tuesday to hold its main interest rate unchanged at 0.5%, a decision that had been widely expected. Meanwhile, central banks in Japan and Australia pumped more than $11 billion into money markets, seeking to ease near-record borrowing costs that threaten to tip regional economies into recession, reports Bloomberg. The Bank of Japan injected 1 trillion yen ($9.8 billion) and the Reserve Bank of Australia added A$1.815 billion ($1.3 billion). P/>Markets in Hong Kong were closed Tuesday for a holiday. In Europe, stocks were lower. The FTSE 100 index in London fell 1.3%, while the DAX in Frankfurt was trading down 1.1%. Bloomberg reports the U.K. government may invest at least 45 billion pounds ($79 billion) in banks such as Royal Bank of Scotland ( RBS) and Barclays ( BCS) to bolster capital depleted by mortgage-related losses. Stock futures in the U.S. turned lower Tuesday. Futures on the S&P 500 fell 6.40 points to 1046.90, and were 13.77 points below fair value. Nasdaq futures fell 1.75 points to 1404.75, and were 16.78 points below fair value. U.S. stocks plummeted Monday, as it became apparent that the credit crisis had spread beyond America and into Europe and Asia. The Dow Jones Industrial Average broke below 10,000 for the first time since October 2004, and fell as much as 800 points during the session, marking the largest intraday point decline in the history of the index. The Dow closed with a loss of 369.88 points, or 3.6%, at 9955.50. The S&P 500 fell 42.38 points, or 3.9%, to 1056.85. The Nasdaq dropped 84.43 points, or 4.3%, to 1862.96.