Asian, EU stock markets tumble

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LONDON: After Asian, European stock markets Tuesday were also seen tumbling for the third consecutive day, extending a global sell-off as fears grew that the eurozone debt crisis will spread, raising the prospect of a devastating default.

Asian stock markets even today closed in negative zone. Hong Kong, Singapore and Japan stock markets sagged by 200 to 600 points.

On the other hand EU markets also do not seem to be safe from this slump, as today, on third consecutive day were seen carrying forward the pessimism that had struck the markets.

London, Madrid and Germany stock markets were seen down by 100 to 150 points. London benchmark index plummeted by 4 percent in the past three days.

Analysts said that the investors were taking out their capital from the stock markets on fears that the Eurozone debt crisis will spread, while the European currency, Euro also under pressure.