Asian stocks plunged Wednesday on investor fears that weak corporate earnings could still bring on a global recession.

Tokyo's Nikkei index tumbled nearly seven percent while the Hang Seng in Hong Kong and the Kospi index in Seoul both closed down more than five percent.

Sydney fell more than three percent and key European indexes also opened lower.

Today's Asian losses came after Tuesday's sharp drop in U.S. markets.

Meanwhile, the White House says President George Bush has no plans for a second economic stimulus package, despite suggestions one could stop the country from sliding into a prolonged slowdown.

White House spokeswoman Dana Perino said Tuesday the president is open to all good ideas, but that White House officials have not seen any new proposals that would give the economy a boost.

The government sent rebate checks to tens of millions of U.S. taxpayers earlier this year, leading to strong retail sales.

French President Nicolas Sarkozy Tuesday called for economic giants India and China to join a world summit to restructure the global financial system.

Mr. Sarkozy told European lawmakers he would push the idea during the Asia-Europe Meeting in Beijing this week.

Also Tuesday, the International Monetary Fund warned in a report that more European banks may fail, but said recent international rescue packages likely have prevented a worse outcome.