Tokyo - Tokyo's stock market opened Monday morning with light trading amidst a nervous mood among investors.

The Nikkei Index dropped 19.27 points in the first 18 minutes, or 0.25 per cent, to 7,629.81 points.

That was up from the opening figure, which had sunk beneath 7,500 - the lowest point since Japan's own speculation bubble burst in the early 1990s.

Investors were bracing for the release of new projections this week from Sony and other companies that will reduce expectations.

Sydney - Australian stocks tumbled at the bell Monday following heavy losses last week.

The ASX 200 lost 90 points, or 2.3 per cent, in early trading to 3,689.

Falling commodity prices and fears of a global recession took the local currency to a five-year low.

The Australian dollar was trading at 61 US cents - up from the low of 60 cents on Friday.

Washington - US stock indices posted steep drops Friday, plunging more than 3.5 per cent to end another week of uncertainty over the state of the global economy.

The sell-off in New York followed even sharper falls in Europe, Asia and the Middle East earlier in the day on fears of a recession following the widening financial crisis.

Paris - After falling to a five-year low, the Paris Bourse rebounded on Friday to limit its losses amidst anxiety about corporate earnings and OPEC's announcement that it will cut oil production by 1.5 million barrels per day.

The benchmark CAC 40 ended the session off by 3.54 per cent, at 3,193.79, after plunging more than 10 per cent earlier in the day to its lowest level since May 2003.

Car maker Renault was the day's biggest loser, giving up 12.55 per cent, to 22.20 euros, its lowest level in 10 years.

Tokyo - Defying an overnight rise on Wall Street, Asian stocks, led by Tokyo and Seoul, plummeted Friday on renewed fears of worldwide recession.

Japan's benchmark Nikkei 225 Stock Average lost nearly 10 per cent of its value, tumbling below 8,000 for the first time since May
2003, on indications the global financial crisis was beginning to hit the nation's exporters.

The Nikkei shed 811.9 points, or 9.6 per cent, to close at 7,649.08.

The broader Topix index of all first-section issues plunged 65.59 points, or 7.52 per cent, to 806.11.