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Overview: While the markets are not as disorderly as they have been, the tone is fragile, and the animal spirits have been crushed. Australian stocks fell more than 10% last week and dropped another 9.7% yesterday before rebounding by almost 6% today to be one of the few Asia-Pacific equity markets to rise. The Nikkei eked out a small gain, but the broader Topix rose 2.6%. The rest of the regional markets extended recent losses. European bourses posted early gains, which were quickly reversed, and the Dow Jones Stoxx 600 is nursing a 2.4% loss