Asian Markets: Another IPO flop

Stocks in Asia tumbled today with the Nikkei plunging 2.5 percent and the Hang Seng losing 2.8 percent. This brought the MSCI Asia Pacific Index to a new one-month low.

In Japan, shares plunged, despite news that Japan's jobless rate retreated last month and household spending has risen 2.6 percent from a year earlier. Carmakers lost ground after numbers showed weak September auto sales both at home and in the U.S.; Mitsubishi Motors Corp. (MMTOF) plummeted 4.1 percent, Toyota Motor Corp. (TM) dived 3.7 percent and Honda Motor Co. Ltd. (HMC) lost 3.4 percent.