World Markets Slump as Quake Hits Japan

Could the world get any worse news.  It seems like every day we deal with another crisis-from mother nature to economic to political.    From CNN/Money…

Asian markets tumbled Friday, and European stocks took a hit, after a massive tsunami struck Japan, adding another layer of uncertainty to an already jittery market.

The most powerful earthquake to hit Japan in at least 100 years unleashed walls of water that swept across rice fields, engulfing towns, dragging houses onto highways and tossing cars and boats like toys.

Local media reported at least 59 deaths, with more casualties feared. And the 8.9-magnitude quake, which struck at 2:46 p.m. Tokyo time (12:46 a.m. ET), prompted the U.S. National Weather Service to issue a tsunami warning for at least 20 countries.

Asian markets, which were lower before the tsunami hit, ended the session sharply lower. The Shanghai Composite sank 0.8%, the Hang Seng in Hong Kong declined 1.5% and Japan’s Nikkei tumbled 1.7%.

The disaster added to ongoing concerns about political strife in the Middle East, which has driven oil prices higher and weighed on the stock market.

Real More….http://money.cnn.com/2011/03/11/markets/world_markets/index.htm

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