News Service from House Harris

Asian markets tumble as economic gloom deepens

Global markets suffered fresh turmoil today .. with Asian stocks plunging as a sharp drop in Japanese exports added to gloom about the outlook for the faltering global economy.

Japan says its exports fell at the fastest pace in almost seven years .. asChinese demand cools .. pushing Asia's largest economy deeper into recession.

Dealers' screens were red around Asia .. with stocks dropping almost seven per cent in Tokyo .. almost as much in Seoul and more than four per cent inSydney.

The picture was also gloomy as European markets opened today .. with figures down in Germany and the UK.

The new slide came after Wall Street tumbled to its lowest level since March 2003 overnight.

AAP RTV jnbwzaf =0A