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Overview: The constructive mood among investors in April has given way to new concerns as May gets underway. Japan and China are still on holiday, but most of the other markets in Asia fell, led by 4.5%-5.5% declines in Hong Kong and India, and more than 2% in most other local markets. Australia bucked the trend and gained 1.4% after shedding 5% before the weekend. Europe's Dow Jones Stoxx 600 is off almost 2.5% in late morning turnover, while US shares are pointing to another gap lower opening in the S&P 500. Outside of Sweden