Asian markets have tumbled once again on fears that the US is heading for recession after yesterday’s major losses on Wall Street.
Hong Kong opened down six per cent while Japan’s Nikkei sank more than 4% and fell below the 9,000 mark for the first time since March.
Tokyo dropped likewise.
Analysts think investors initially underestimated the potential market impact of the Standard and Poor’s downgrade of US debt.
The global route is also being triggered by fears that political leaders in Europe are failing to tackle the debt crisis.
There are concerns that if there is a world down turn into recession Asia could be hit harder than in the last one mainly because some countries are heavily exposed to off shore markets or are still repairing fragile budgets.