Asian markets open negative

Asian stocks tumbled to the lowest in three years while gold and US Treasuries surged as concerns mounted more financial firms will collapse.

US Treasury three-month bill rates dropped to the lowest since World War II as a loss of confidence in credit markets worldwide prompted investors to abandon higher-yielding assets for the safety of the shortest- term government securities.

Japanese benchmark index Nikkei dropped 374.224 points, or 3.18%, to trade at 11,375.57.

Hong Kong`s Hang Seng index fell 659.58 points, or 3.74%, to trade at 16,977.61.

China`s Shanghai Composite slipped 88.74 points, or 4.60%, to trade at 1,840.31.

Taiwan`s Taiex index fell 221.35 points, or 3.82%, to trade at 5,579.52.

South Korea`s Kospi index declined 42.53 points, or 2.98 %, to trade at 1,382.73.

Singapore`s Straits Times lost 83.31 points, or 3.44%, to trade at 2,335.98. (8.25 a.m., IST)