European Markets Plunge at Open

European stock markets opened markedly lower today over continued misgivings about the situation in the US and Europe, the New York Times reports. Germany’s main index fell 3.9% this morning, while France’s fell 3.4%—on the heels of yesterday's 5% drop; Britain’s benchmark index was down 2.8%. Meanwhile, Asian stocks tumbled, with Japan’s Nikkei 225 closing down 2.5%, South Korea’s Kospi falling 6.2%, and Tawain’s Taiex dropping 3.6%. In Australia, the market closed down 3.5%.

Though the debt ceiling debate and economic issues worldwide have played a role in the markets’ decline, “the single most important contributor has been the intensification of the euro area fiscal crisis, from a peripheral issue to an increasingly core issue,” wrote Barclays analysts in a research note released today. (More European stocks stories.)