For the last few weeks the U.S. stock market has been in sell off mode due to fears of a recession. Those fears have now reached the global stage leading to relentless sell offs in markets across the world.

Commentary: For the second straight day Asian stock markets were following the selling trend in America.
India's Index fell 7.4% in Monday trading and down 8.9% today. Hong Kong's Index fell 8.7% on Tuesday after a drop of 5.5% on Monday while the China Index fell 12% over the two day period. Wall Street is already down 9% for 2008.